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Before he accepted the CEO position at Merrill Lynch, Thain reportedly was one of the runners-up to head Citigroup. [8] [9] Merrill Lynch and Citigroup sought new leaders following the sudden departure of their former CEOs after the disappointing performance in the third quarter of 2007 due to the subprime mortgage crisis.
On January 19, 2010, Peter J. Tobin, a member of the board of directors, was named interim chief executive officer, replacing Jeff Peek, who resigned effective January 15, 2010. [33] On February 8, 2010, former Merrill Lynch CEO John Thain was hired as chairman and chief executive officer. [34] In June 2014, the company acquired Direct Capital ...
Later that day, Merrill Lynch was sold to Bank of America for 0.8595 share of Bank of America common stock for each Merrill Lynch common share, or about $50 billion or $29 per share. [ 50 ] [ 51 ] This price represented a 70.1% premium over the September 12 closing price or a 38% premium over Merrill's book value of $21 a share, [ 52 ] but also ...
The company was founded on January 6, 1914, when Charles E. Merrill opened Charles E. Merrill & Co. for business at 7 Wall Street in New York City. [11] A few months later, Merrill's friend, Edmund C. Lynch, joined him, and in 1915 the name was officially changed to Merrill, Lynch & Co. [12] At that time, the firm's name included a comma between Merrill and Lynch, which was dropped in 1938. [13]
In May 2007, Fleming and Ahmass Fakahany were named co-presidents of Merrill Lynch. [17] In June 2008, Fleming became chief operating officer. [18] After the Bank of America merger was completed in January 2009, [19] Fleming resigned from Merrill Lynch to teach at Yale University, [20] becoming a senior research scholar and lecturer in law. [21]
Prior to joining PaineWebber, Grano was with Merrill Lynch for 16 years, holding various senior management positions including Director of National Sales. In 1987, he was named the industry’s best retail marketing executive in a survey conducted by Investment Dealers’ Digest.
Karen Lynch, a superstar CEO championing the biggest of big ideas, is out. As chief of corner drugstore and health insurance colossus CVS, Lynch headed the largest Fortune 500 enterprise, measured ...
He was appointed the head of Merrill Lynch Government Securities in 1973. [1] In 1982, Schreyer was appointed President of the firm. In 1985, in an unexpected management shake‑up due to a $42 million loss in the last quarter of 1983, [3] he rose to Chairman, and then CEO, as the incumbent Roger E. Birk stepped down. As chief executive ...