To all and especially our BOD. Rumor says Moynihan plans to reside in Boston area. Stop this foolishness right now. We are Charlotte based. All CEO excecutive support services are located there. We do not need a traveling CEO. We do not need dual executive suites. Certainly, Moynihan's compensation package is more than adequate to accomodate immediate relocation. This is a 24/7 effort, certainly until BAC returns to profitability and restores shareholder dividends. Come on guys, do something for the shareholders, assert yourselves, stop this nonsense.
I've known CEOs to reside in other cities beside HQ city and it can work OK, not ideal, but it can work OK. As long as most of the CEO direct reports reside in Charlotte and he becomes an active figure in Charlotte, then can work OK.