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Bye Bye Stan

Merrill Begins C.E.O. Search
(Landon Thomas Jr, New York Times)

E. Stanley O’Neal, the embattled chairman and chief executive of Merrill Lynch, stepped down from the brokerage firm today, capping a tumultuous 10 days that included a significant quarterly loss and write-down.

“We would like to thank Stan for the contribution he has made leading a major transformation of Merrill Lynch into a global and diversified company with enormous potential ahead of it,” Mr. Cribiore said in the statement. “His commitment to the company, its clients, shareholders and employees has never wavered and the company will reap tremendous benefits in the future from his work.”

(via Consumerist)

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