Going Quietly: Peterson Gives Up His Top Spot

Peterson gives up his top spot

Wall Street brokers and financiers have long been accustomed to power struggles in the executive suite. But they have seldom seen the head of a major firm voluntarily and abruptly surrender his top spot because an ambitious colleague wanted it. That was precisely what Peter Peterson, chairman of Lehman Bros. Kuhn Loeb, did last week.

Peterson, 57, Secretary of Commerce under President Nixon, stunned Wall Street by announcing that he will leave Lehman Bros, next January in order to turn over full control to Lewis Glucksman, 57, who became...

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