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 Thain takes reins at Merrill Lynch. No wonder Mer is up! |
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ceo/cfo
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By David Wighton and Ben White in New York
Published: November 14 2007 18:13 | Last updated: November 14 2007 18:13
John Thain, chief executive of NYSE Euronext, has been appointed the chairman and chief executive of Merrill Lynch, after days of speculation that the job would go to Larry Fink, head of BlackRock.
Mr Thain replaces Stan O’Neal who stepped down two weeks ago after the company announced it was facing $7.9bn of writedowns on its subprime-related holdings.
NYSE’s Thain explores his options - Nov-12Thain absent from Citi’s shortlist - Nov-14Merrill faces $400m buyout to secure Fink - Nov-05Merrill denies ‘inappropriate transactions’ - Nov-02O’Neal seeks refuge on the links - Nov-02Editorial comment: O’Neal pays a price - Nov-02Mr Thain, a former president of Goldman Sachs, is credited with transforming the NYSE since he took over in January 2004. He took the exchange public through a reverse takeover of Archipelago and then engineered a merger with Euronext, the European exchanges group.
Mr Thain had also been seen as a contender to replace Chuck Prince who stepped down as chairman and chief executive of Citigroup ten days ago.
Mr Fink had been viewed as the favourite for the Merrill job, partly because of his knowledge of the company and its top executives. He is head of BlackRock, the asset management company in which Merrill has a 49 per cent stake, and is close to Greg Fleming, Merrill’s co-president, and Bob McCann, head of its brokerage arm.
However, there was always a doubt about how much Mr Fink wanted the job. There was also the problem of his $400m stake in BlackRock which would raise potential conflicts of interest if he was head of Merrill Lynch.
Merrill shares jumped 5 per cent as news leaked of Mr Thain’s appointment.
Most of Merrill’s businesses are performing well but industry observers believe Mr Thain faces a long task dealing with the fall-out from the subprime mortgage crisis.
Last year, Merrill was the largest issuer of collateralised debt obligations based on subprime mortgage securities and has been left with large holdings of highly illiquid investments.
It is expected to face further writedowns on these holdings in the fourth quarter and is facing lawsuit from investors who securities from it. The Securities and Exchange Commission is investigating the way it disclosed its subprime mortgage exposure.
Duncan Niederauer, a former Goldman executive who is president of the NYSE, was widely expected to replace Mr Thain.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 Thain takes reins at Merrill Lynch. No wonder Mer is up! -- ceo/cfo - (2543 Byte) 2007-11-15 周四, 03:00 (1157 reads)
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