Financial Services Industry
Industry: Email Alert RSS FeedMerrill Lynch switch: veteran is in, out.
Financial News, August, 2003
Merrill Lynch chief executive Stan O'Neal, moving to calm the turmoil that has rocked the big securities firm over the past two weeks, brought in a high-level recruit to bolster his management team and laid claim to five more years in office before any new management-succession plan.After forcing the ouster of two executives he believed were trying to usurp his authority by backing a succession plan he opposed, O'Neal brought back a popular Merrill Lynch veteran, who left the firm only five months ago, to serve in a new management layer overseeing three Merrill units. The move appeared to address concerns that since winning the top job two years ago, O'Neal has overseen a purge of an entire generation of top talent at the firm to strengthen his own power grip.
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