Fuld to step down as Lehman CEO
times wire services
Richard Fuld, chief executive of fallen investment bank Lehman Bros. Holdings Inc., will step down by the end of the year without severance or a bonus, a spokesman said. He will stay on as chairman of the board.
Pressure has mounted on Fuld for his role in the demise of New York-based Lehman, once the nation’s fourth-largest investment bank. It filed for Chapter 11 bankruptcy protection Sept. 15.
Fuld has been a prominent target of public outrage over risky practices on Wall Street that helped send the economy spiraling into turmoil.
