NEW YORK, July 12 /PRNewswire/ -- Merrill Lynch & Co., Inc. (NYSE: MER)
today said that its President and Chief Operating Officer, Herbert M. Allison
Jr., is retiring from the company.
"Having spent 28 exciting years at this firm, I am very proud to have been
part of a team that has achieved such outstanding growth and success during
that period," said Mr. Allison.
"Still, at this point in my life and career, I realize that this is an
opportune time to make a change. For Merrill Lynch, the time is also right
-- the company is blessed with wonderful, talented people and enjoys strong
market positions around the world."
Said Merrill Lynch Chairman and CEO David H. Komansky: "Herb Allison has
brought great intellectual energy, dedication and integrity to every stage of
his career at Merrill Lynch. He has been a strong contributor to our success
over the years. All of us understand and respect his decision and wish him
every success and happiness."
Mr. Komansky said there are no immediate plans to name a new president and
COO, and that Vice Chairman Stephen L. Hammerman will assume additional
responsibilities for a number of the firm's key support areas. In addition,
Vice Chairman John L. Steffens will assume increased management
responsibilities for the holding company.
Reporting directly to Mr. Komansky will be the executives leading the four
business groups -- U.S. Private Client, International Private Client, Asset
Management, and Corporate and Institutional Client Group -- as well as the
Chief Financial Officer, the Chief Marketing Officer, the Chief Technology
Officer, the head of Corporate Strategy and Research, and the Chairman of
CICG. The composition of the firm's 18-member Executive Management Committee
remains unchanged.
Mr. Hammerman will oversee Human Resources, Operations Services and
Marketing & Communications. He will continue to oversee the General Counsel's
Office.
"One of the key strengths of Merrill Lynch is a depth of management talent
unmatched in our industry," Mr. Komansky said. "The seasoned executives
leading our business and support groups have the ability to lead our company,
execute our strategy and produce superior results for our shareholders and
clients in the years ahead."
SOURCE Merrill Lynch & Co., Inc.
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CONTACT:
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212-449-9900
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