Exhibit 99.1
RICHARD S. FULD, JR.
May 14,2009
Mr. Bryan Marsal
Alvarez & Marsal
Co-Chief Executive Officer
1271 Sixth Avenue
35th Floor
New York, NY 10020
Dear Bryan:
As you know, I agreed at your request to continue to serve as Chairman of the Board of Directors of Lehman Brothers Holdings, Inc. for a reasonable transition period to assist Alvarez & Marsal.
I believe that we have worked together effectively in achieving an appropriate transition. Accordingly, I believe it is now time for me to move on and to resign as Chairman of the Board.
Please consider this letter as my resignation as Chairman of the Board of Directors of Lehman Brothers Holdings, Inc. effective May 15, 2009. I will, of course, be available to assist you in any way I can.
Sincerely,
/s/ Richard S. Fuld, Jr.