John Thain is now Merrill Lynch's (MER) CEO
Merrill Lynch & Co. said Wednesday it has tapped New York Stock Exchange head John Thain to lead the world's largest brokerage through the unfolding credit market turmoil that threatens Wall Street's biggest investment houses.
Thain, 52, has been selected to become Merrill's next chairman and chief executive officer. His appointment comes just two weeks after the ouster of Stan O'Neal as Merrill reported a $2.24 billion loss during the third quarter, the largest in its 93-year history.
The New York Stock Exchange said Wednesday that it named Duncan Niederauer chief executive. Niederauer, 48, joined the NYSE in April after serving as co-head of equities trading at Goldman Sachs.
Thain's first day as Merrill's new chief is Dec. 1.
Thain was able to place a tourniquet on the Grasso scandal while at the same time succeeding in remaking the Big Board into a for-profit exchange. He took the company public last year, following a merger with Archipelago, and guided it through its merger with European exchange operator Euronext earlier this year.
Thain had said when he took the NYSE CEO position in 2004 that working at the Big Board would be a "three- to five-year job," but backpedaled on that timeframe after his three-year anniversary at the exchange came and went earlier this year. Thain said recently that there was still much to do at the exchange, such as expanding into Asia and further into the derivatives business.
Thain, 52, has been selected to become Merrill's next chairman and chief executive officer. His appointment comes just two weeks after the ouster of Stan O'Neal as Merrill reported a $2.24 billion loss during the third quarter, the largest in its 93-year history.
The New York Stock Exchange said Wednesday that it named Duncan Niederauer chief executive. Niederauer, 48, joined the NYSE in April after serving as co-head of equities trading at Goldman Sachs.
Thain's first day as Merrill's new chief is Dec. 1.
Thain was able to place a tourniquet on the Grasso scandal while at the same time succeeding in remaking the Big Board into a for-profit exchange. He took the company public last year, following a merger with Archipelago, and guided it through its merger with European exchange operator Euronext earlier this year.
Thain had said when he took the NYSE CEO position in 2004 that working at the Big Board would be a "three- to five-year job," but backpedaled on that timeframe after his three-year anniversary at the exchange came and went earlier this year. Thain said recently that there was still much to do at the exchange, such as expanding into Asia and further into the derivatives business.
Labels: Duncan Niederauer, John Thain, MER, Merrill Lynch and Co. Inc., NYSE Euronext Inc., NYSE Euronext Inc. NYX
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