8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): September 20, 2007

Lehman Brothers Holdings Inc.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)

1-9466	13-3216325
(Commission File Number)	(IRS Employer Identification No.)

745 Seventh Avenue New York, New York	10019
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 526-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 20, 2007, Lehman Brothers Holdings Inc. (the “Firm”) announced that Erin M. Callan, 41, has been appointed Chief Financial Officer, principal accounting officer and principal financial officer of the Firm.   Christopher M. O’Meara, who currently serves in those roles, will assume the role of global head of Risk Management.  These appointments will be effective as of December 1, 2007.  A copy of the press release related to these appointments is attached as Exhibit 99.1 hereto and is hereby incorporated herein and made a part hereof.

Item 9.01.  Financial Statements and Exhibits

(d)      Exhibits

The following Exhibit is filed as part of this Report.

Exhibit 99.1 Press Release, dated September 20, 2007, relating to the appointments of Erin M. Callan and Christopher M. O’Meara.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	LEHMAN BROTHERS HOLDINGS INC.
	(Registrant)
Date: September 21, 2007	By:	/s/ James J. Killerlane III
		Name:	James J. Killerlane III
		Title:	Vice President

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EXHIBIT INDEX

Exhibit 99.1 Press Release, dated September 20, 2007, relating to the appointments of Erin M. Callan and Christopher M. O’Meara.

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EX-99.1

For Immediate Release	Media Contact:	Hannah Burns
		212-526-4064

LEHMAN BROTHERS ANNOUNCES NEW APPOINTMENTS

-Erin Callan Named Chief Financial Officer;

Chris O’Meara Named Global Head of Risk Management;

and Madelyn Antoncic Named Global Head of Financial Market Policy Relations -

NEW YORK, September 20, 2007 — Lehman Brothers, the global investment bank, announced today several new appointments.  Effective December 1, 2007, Erin Callan will assume the role of Chief Financial Officer, Chris O’Meara will assume the role of global head of Risk Management and Madelyn Antoncic will assume the newly created role of global head of Financial Market Policy Relations.

“Lehman Brothers’ success depends in large part on leveraging our best people’s strengths and experiences,” said Chairman and Chief Executive Officer Dick Fuld.  “Erin, Chris and Madelyn have all played vital roles in creating value for our clients and shareholders. In their new positions, they will have an even greater ability to contribute significantly to the Firm.”

As CFO, Erin Callan will oversee the Firm’s Finance organization, including treasury, tax and financial control and reporting, and will join the Lehman Brothers’ Executive Committee. She joined Lehman Brothers in 1995 and was named a managing director in June 2000. She is currently responsible for heading Global Hedge Fund Coverage, a new initiative since early 2006 within the Investment Banking Division.  Prior to assuming this role, she headed Lehman

Brothers’ Global Finance Solutions Group and Global Finance Analytics Group within Investment Banking and has distinguished herself by her deep financial acumen and strong client relationships.

As global head of Risk Management, Chris O’Meara will be responsible for all aspects of the Firm’s risk profile, including oversight of risk management policies, procedures, analytics and metrics; and, in conjunction with the Firm’s Executive Committee, monitoring Firmwide risk appetite, trading limits and required equity capital.  Chris O’Meara joined Lehman Brothers in 1994.  During his tenure with the Firm, he has served in various prominent roles across Finance including global controller, head of Expense Management, chief financial officer of Investment Banking, and head of Financial Management Information. He has served as chief financial officer of the Firm since December 2004.

Erin Callan and Chris O’Meara will report directly to Dick Fuld and Joe Gregory, president and chief operating officer, and to Co-Chief Administrative Officer Ian Lowitt for day-to-day administration of their responsibilities.

In the newly created role of global head of Financial Market Policy Relations, Madelyn Antoncic will leverage her broad experience to connect with key sovereign and financial officials in dealing with policy issues as they impact not only the Firm but also the markets.  She has been the global head of Risk Management for the past five years having joined the Firm in 1999 as head of risk policy.  During this time she oversaw the development and implementation of our comprehensive risk framework. In recognition of her many accomplishments, she was named bank risk manager of the year by Risk magazine last year.  Over the course of her career, she has served as a Federal Reserve economist, an international bank treasurer and a risk manager.

Madelyn Antoncic will report to Vice Chairman and Chief Legal Officer Tom Russo.

Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net worth

individuals worldwide.  Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity.  The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world.  For further information about Lehman Brothers’ services, products and recruitment opportunities, visit the Firm’s Web site at www.lehman.com.

© 2007 Lehman Brothers Inc. All rights reserved. Member SIPC.