Merrill Lynch & Co. said Wednesday that NYSE Euronext CEO John Thain will become the new chairman and chief executive, following the resignation of Stanley O’Neal.
Former Goldman Sachs president Mr. Thain who has run the NYSE since 2004 said he was "excited and honored" about his new role.
He will take the helm at the U.S’ largest brokerage effective December 1, following Mr. O’Neal’s departure less than a month ago in the wake of Merrill's $8 billion subprime loss.
Leadership and Experience
Alberto Cribiore, Merrill Lynch's interim chairman, said that Mr Thain would bring “unparalleled leadership experience and knowledge” to the company.
“He understands both the company's challenges, and as his track record shows, he appreciates the value associated with the Merrill global brand," he added.
Merrill shares were up as much as seven percent in Wednesday trade, following reports that Thain had accepted the position at Merrill whilst shares of the firm finished 1.8 percent higher.
Elsewhere, NYSE Euronext named Duncan Niederauer, the firm's co-chief operating officer, to replace Mr Thain.
November 15, 2007