CORRECTION: Merrill board reaches consensus to oust CEO: paper
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Sun, 28 Oct 2007 19:20:08 GMT |
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Reuters |
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US (Business) |
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(Corrects name in 7th paragraph to Larry Fink)NEW YORK (Reuters) - Merrill Lynch & Co Inc's board has reached a broad consensus to remove Stanley O'Neal as chairman and chief executive, The New York Times reported on Sunday.Merrill Lynch and O'Neal were not immediately available for comment.The newspaper said details remain to be worked out, including who will take over and what the timing of O'Neal's departure will be.Investors were shocked last week when the company reported its biggest quarterly loss ever. Merrill Lynch wrote down $8.4 billion in assets, mostly tied to risky subprime loans and related securities.Members of Merrill's board also became angry when they learned O'Neal had floated a merger proposal with U.S. bank Wachovia Corp. without their knowledge, the New York Times reported on Friday.Board members declined to comment.Merrill shares surged nearly 9 percent on Friday on reports that O'Neal would be replaced. Candidates include Larry Fink, the CEO of asset manager BlackRock Inc. and Robert McCann, who oversees Merrill's 16,600 brokers. Merrill Lynch star investment banker Greg Fleming also may have an important role in a new regime, according to people familiar with the situation.
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