Merrill Lynch CEO reportedly to step down |
| MarketWatch - Oct 29, 2007 |
Stan O'Neal, Merrill Lynch & Co.'s beleaguered chief executive, has decided to leave the firm and was negotiating the terms of his departure, according to media reports.
Announcement of O'Neal's departure could come as early as Monday, according to the reports.
The board of Merrill is expected to conduct a broad-based search, both internally and externally, for O'Neal's replacement, according to the report, which cited an unnamed source familiar with the matter.
New York-based Merrill in recent weeks has faced mounting criticism after it misjudged the severity of the subprime-mortgage crisis. The firm reported a third-quarter loss of $2.24 billion, reflecting an $8.4 billion write-down related to subprime mortgages.
Read Full Article from MarketWatch
- Posted: 2007-10-29 09:36:09
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