Merrill Lynch Names Nelson Chai CFO
NEW YORK (AP) — John Thain made his first big move as chief executive of Merrill Lynch & Co. on Monday by hiring his former finance chief at the New York Stock Exchange.
In his first week on the job, Thain named NYSE Euronext Inc.'s Nelson Chai to become Merrill's chief financial officer. Chai, 42, will join the world's largest brokerage next week.
He replaces Jeffrey N. Edwards, who previously headed investment banking before becoming CFO in 2005. Edwards will remain with the company in a new executive role that was yet to be announced.
These moves are part of a management shake-up that began shortly after Merrill Lynch reported $7.9 billion in credit costs just three weeks after saying those costs would total only $4.5 billion. Merrill Lynch ousted former CEO Stan O'Neal in November, one of several Wall Street executives that fell because of exposure to the subprime mortgage turmoil. Thain was named chairman and CEO on Nov. 14.
Chai became CFO of the NYSE in January 2006. He also held that position with Archipelago Holdings Inc., the electronic stock trading network acquired by the NYSE, from 2000 to 2005.
"I am very confident he will be a welcome and important contributor to our success at Merrill Lynch," Thain said.
Separately, NYSE Euronext said deputy CFO Joost van der Does de Willebois will becoming acting CFO on Dec. 10. He had previously headed NYSE Euronext's Amsterdam market.
Labels: merrill lynch, NYSE, subprime mortgage loan
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