CEO replacement named at Lehman

Times Wire Services

A restructuring expert overseeing the liquidation of Lehman Bros. Holdings Inc. will replace Richard Fuld as chief executive on Dec. 31, a Lehman lawyer said.

Bryan Marsal of Alvarez & Marsal has been overseeing the wind-down of what was once the nation’s fourth-largest investment bank.

Fuld, who joined Lehman as a college student in 1969, has been a target of public outrage over risky practices on Wall Street that helped send the economy into turmoil.

The Lehman bankruptcy filing on Sept. 15 was the biggest in U.S. history, with assets of $639 billion and debt of $613 billion.