Lehman board elects Marsal to replace Fuld as CEO

By Caroline Salls

Pittsburgh, Nov. 20 - Lehman Brothers Holdings, Inc.'s board of directors has elected current chief restructuring officer Bryan P. Marsal to succeed Richard S. Fuld Jr. as chief executive officer when Fuld steps down from that post on Dec. 31, according to an 8-K filed with the Securities and Exchange Commission.

Fuld will continue to serve as the chairman of Lehman's board.

Marsal is the co-founder and co-chief executive officer of management consulting firm Alvarez & Marsal North America, LLC.

According to the filing, Marsal will continue to be employed by Alvarez & Marsal as a managing director.

As a result, he will not receive any compensation directly from Lehman, and he will not participate in any of the company's employee benefit plans.

Lehman will instead pay Alvarez & Marsal for the CEO services in connection with a Sept. 15 engagement letter.

New York-based Lehman Brothers Holdings is the fourth-largest investment bank in the United States. The company filed for bankruptcy on Sept. 15 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-13555.

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