Stanley O’neal Steps Down, Alberto Cribiore Leads Search For New Merrill Lynch CEO
Posted on October 30, 2007
Filed Under Investment News, U.S. News |
Stanley O’neal has stepped down as CEO of Merrill Lynch. Director of the board for Merrill Lynch Alberto Cribiore leads the way in the search for a new CEO.
Stanley O’neal comes under fire after Merrill Lynch reported an $8.5 billion write-down last week. This far exceeded projections Wall Street projections and is the biggest lost Merrill Lynch has ever seen in one quarter. Stanley O’neal is calling this an early retirement, he currently does not have anything else lined up. According to reports he stepped down because it was a decision that he and the board members agreed would be the best thing for the company. Some new leadership could get Merrill going in the right direction again.
Alberto Cribiore is currently on the hunt for a new CEO. He will be considering people from outside as well as inside the company. Laurence Fink is one of the possible candidates as his name has been floating out there. He currently is the head of a firm called BlackRock, it is an investment management firm.
Alberto Cribiore has been appointed the interim non-executive chairman until a replacement can be found. Ahmass Fakahany will look after the global support for Merrill Lynch and Gregory Fleming will oversee the risk management and business lines for the company.
Stanly O’neal made approximately $48 million last year and has a reported $160 million in stock still with the company. Not a bad retirement if you ask me. He is being blamed for much of the crisis Merrill has undergone recently. If I had $160 million in stock with the company I would gladly step down, there isn’t much need to work anymore at least financially speaking. We will update you with any breaking news regarding Merrill Lynch
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