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Mr Willumstad had been considered the most experienced internal candidate for the chief executive's job.
Mr. Fink is close to Gregory J. Fleming, who is acting chief executive of the firm and is considered an internal candidate for the job.
According to sources, the BBC Trust also wanted someone who could one day be a credible internal candidate for director general.
At the same time, his appointment leaves Vanessa Castagna, who had been the top internal candidate for the job and who has been credited with leading many of the changes at Penney in recent years, without a clearly defined future.
Another internal candidate for Mr Fincham's job is Newsnight editor Peter Barron, who is thought to have been "looking for an exit for a while", according to a source, and is also said "to have what it takes".
Eich himself told VentureBeat that the board had interviewed twenty-five candidates before settling on him; he even wondered aloud why they didn't pick Jay Sullivan, who was the other internal candidate for the position.
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Khurana found that many companies passed over good internal candidates for C.E.O. in favor of "messiah" figures with exceptional charisma.
Who are the three internal candidates for Ms. Couric's position, and what are their current positions?
The other internal candidates for the job were John M. Arthur, the managing editor for news, and Jim Newton, the editor of the editorial pages.
Each year, Mr. Hunkin presents the board with a list of internal candidates for top-level positions, directing board members to get to know them.
ABC employees said last month that there were at least two internal candidates for the job, the "Nightline" co-anchor Terry Moran and the White House correspondent Jake Tapper.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com