Lehman board gets tired of gawking at their CFO while ignoring her mistakes.
Lehman Brothers said today it has demoted its chief financial officer, Erin Callan... Ms. Callan, perhaps the most recognizable finance chief on Wall Street, had only assumed the role of CFO in December.
Over the last several quarters, she made misstatements regarding Lehman’s finances that came back to haunt her. For example, on Lehman’s first quarter conference call with investors, Ms. Callan said the company had about $38.7 billion of level 3 assets. When the company filed its quarterly results with regulators, that figure was actually reported as $40.2 billion (emphasis ours).
"She made misstatements and appears to have been given her marching orders," Brad Hintz, former Lehman CFO...
Ford and Elite have expressed interest in Ms. Callan where financial accuracy is not as crucial.
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