Richard Fuld Resigns As Lehman Brothers Chairman


We forgot that when Lehman Brothers collapsed, Bryan Marshal, the executive in charge of restructuring, kept former CEO Dick Fuld on as chairman, not out of any sense of obligation or respect but because he needed him for the “transition,” which we imagine for all intents and purposes meant the humbled CEO served as a kind of tourist attraction for visiting Barclays executives (“Look! It’s the Gorilla!”) and fetched everyone cappuccinos (scalding hot!) as needed. But now, his 40-some years at the firm have officially come to an end: Last week, Fuld announced his resignation in a letter filed with the SEC. “I believe that we have worked together effectively in achieving an appropriate transition,” he wrote. But don’t worry: He’ll still be around for the odd run to the dry cleaner: “I will, of course, be available to assist you in any way I can.” [DealBook/NYT]