Lehman Names New Chief Financial Officer

Lehman Brothers, the Wall Street investment bank, named Erin Callan as chief financial officer on Thursday, replacing Christopher O'Meara, who will become global head of risk management.

Callan has worked at Lehman since 1995, and now oversees global hedge fund coverage. She previously oversaw Lehman's global finance solutions and global finance analytics groups.

O'Meara has been CFO since December 2004. In his new role, he will oversee risk management policies and procedures, and monitor the company's risk appetite, trading limits and required capital. O'Meara joined Lehman in 1994.

The changes are effective Dec. 1, with Callan joining Lehman's executive committee. Lehman said Callan and O'Meara will report to Chief Executive Richard Fuld, Chief Operating Officer Joseph Gregory and Co-Chief Administrative Officer Ian Lowitt.

Shares of Lehman Brothers lost 2.8 percent to close at $62.31 Thursday. They've lost 20.2 percent of their value so far this year.