BankAmerica's Finance Chief, Once a CEO Hopeful, Resigns

By Crockett, Barton | American Banker, November 15, 1995 | Go to article overview

BankAmerica's Finance Chief, Once a CEO Hopeful, Resigns


Crockett, Barton, American Banker


BankAmerica Corp. vice chairman and chief financial officer Lewis W. Coleman announced his resignation Tuesday, effective Dec. 1.

Mr. Coleman, 53, was at BankAmerica since 1986 and a member of chairman and chief executive officer Richard Rosenberg's inner circle. He lost out to David A. Coulter in the competition to succeed Mr. Rosenberg, who is retiring next year.

The bank said group executive vice president Michael E. O'Neill, 49, will be the new chief financial officer. Mr. O'Neill, an alumnus of Continental Bank Corp. in Chicago, which BankAmerica acquired in 1994, is also expected to be elected a vice chairman.

The change is the highest-level shake-up since the surprise announcement on Aug. 8 that Mr. Coulter, who has a wholesale banking background, would rise to the top job.

Some BankAmerica watchers foresee other departures, possibly including vice chairman Luke Helms, who in recent weeks was passed over by one of his peers, Thomas Peterson, for the company's top retail banking post.

The change in CFO is not seen as heralding any major strategic shift, though Mr. Coleman was seen as one of the company's most able executives and, until the Coulter promotion, as the front-runner for CEO.

Mr. O'Neill said in an interview that he shares Mr. Coleman's belief that bank acquisitions at current prices are "hard to reconcile with achieving shareholder value." He also agrees that BankAmerica could make a go of nationwide banking through alternative delivery systems rather than extensive brick-and-mortar branch networks.

Otherwise, Mr. O'Neill said he had little specific to say about his future plans. "The first thing I want to do is educate myself on this company," he said.

Mr. Coleman's resignation had been expected. But the fact that he left before getting another job was taken by one source as a sign of chilly relations in the new leadership ranks.

A source close to Mr. Coleman said he understood that Mr. Rosenberg had never told Mr. Coleman why he was passed over for CEO. According to the source, Mr. Coleman thus found it uncomfortable to stay on the job.

Mr. Coleman was not available for comment Tuesday.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

BankAmerica's Finance Chief, Once a CEO Hopeful, Resigns
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.