Bear Stearns Companies Inc. (BSC) Co-President Quits
Bear Stearns Cos. said Sunday that co-President and co-Chief Operating Officer Warren Spector has resigned following the meltdown of two hedge funds that invested in risky mortgage-backed securities.
Alan Schwartz, who had been Bear Stearns' other co-president and co-COO, will become the sole president effective immediately, and Samuel Molinaro Jr. will assume the role of chief operating officer in addition to his current duties as chief financial officer, the firm said in a statement Sunday afternoon. Jeffrey Mayer, co-head of the fixed income division, will take Spector's seat on Bear Stearns' executive committee, the firm said.
Alan Schwartz, who had been Bear Stearns' other co-president and co-COO, will become the sole president effective immediately, and Samuel Molinaro Jr. will assume the role of chief operating officer in addition to his current duties as chief financial officer, the firm said in a statement Sunday afternoon. Jeffrey Mayer, co-head of the fixed income division, will take Spector's seat on Bear Stearns' executive committee, the firm said.
Labels: Bear Stearns Companies Inc., BSC
posted by Stock Administrator @ 8:33 PM
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