tribaljunkee
11-14-2007, 04:09 PM
NYSE's Thain seen in Merrill job
Reports: NYSE Euronext chief will take the helm at embattled Merrill Lynch, weeks after resignation of Stanley O'Neal.
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November 14 2007: 2:46 PM EST
john_thain.03.jpg
Merrill Lynch is expected to announce NYSE Euronext CEO John Thain as its new chief executive as early as this afternoon, according to published reports.
NEW YORK (CNNMoney.com) -- Merrill Lynch may have found its new chief executive: NYSE Euronext CEO John Thain.
According to reports published online Wednesday by the Wall Street Journal and the New York Post, Thain has agreed to take the top spot at Merrill.
Both papers said the NYSE board was scheduled to meet soon and could make an announcement as early as Wednesday afternoon.
Merrill and NYSE Euronext (Charts) declined to comment on the reports.
Merrill (Charts, Fortune 500) shares soared on the news, climbing nearly 6 percent in afternoon trading.
NYSE Euronext's chief operating officer, Duncan Niederauer, has been selected to take over for Thain as CEO, the Journal said.
Thain was among a stable of candidates rumored to be in the running for the top spot at Merrill, which was vacated late last month when Stanley O'Neal resigned in the wake of the company's $8 billion loss on risky subprime mortgage investments.
A move by Thain to Merrill would come as a bit of a surprise, however, as BlackRock (Charts) Chief Executive Laurence Fink was widely considered to be the front runner for the job. Merrill Lynch told CNNMoney.com Wednesday that Fink was never offered the CEO position.
Thain, who was also mentioned as a replacement for ousted Citigroup (Charts, Fortune 500) CEO Charles Prince, took the helm at the NYSE in January 2004 after serving as president at Goldman Sachs.
During his tenure, Thain helped initiate major changes at the NYSE. Besides taking the exchange public in 2006, he also helped spearhead the landmark NYSE-Euronext deal, which gave the storied U.S. exchange an international reach.
Reports: NYSE Euronext chief will take the helm at embattled Merrill Lynch, weeks after resignation of Stanley O'Neal.
email EMAIL | print PRINT | digg DIGG | RSS RSS
Subscribe to Companies
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feed://rss.cnn.com/rss/money_news_companies.rss
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
November 14 2007: 2:46 PM EST
john_thain.03.jpg
Merrill Lynch is expected to announce NYSE Euronext CEO John Thain as its new chief executive as early as this afternoon, according to published reports.
NEW YORK (CNNMoney.com) -- Merrill Lynch may have found its new chief executive: NYSE Euronext CEO John Thain.
According to reports published online Wednesday by the Wall Street Journal and the New York Post, Thain has agreed to take the top spot at Merrill.
Both papers said the NYSE board was scheduled to meet soon and could make an announcement as early as Wednesday afternoon.
Merrill and NYSE Euronext (Charts) declined to comment on the reports.
Merrill (Charts, Fortune 500) shares soared on the news, climbing nearly 6 percent in afternoon trading.
NYSE Euronext's chief operating officer, Duncan Niederauer, has been selected to take over for Thain as CEO, the Journal said.
Thain was among a stable of candidates rumored to be in the running for the top spot at Merrill, which was vacated late last month when Stanley O'Neal resigned in the wake of the company's $8 billion loss on risky subprime mortgage investments.
A move by Thain to Merrill would come as a bit of a surprise, however, as BlackRock (Charts) Chief Executive Laurence Fink was widely considered to be the front runner for the job. Merrill Lynch told CNNMoney.com Wednesday that Fink was never offered the CEO position.
Thain, who was also mentioned as a replacement for ousted Citigroup (Charts, Fortune 500) CEO Charles Prince, took the helm at the NYSE in January 2004 after serving as president at Goldman Sachs.
During his tenure, Thain helped initiate major changes at the NYSE. Besides taking the exchange public in 2006, he also helped spearhead the landmark NYSE-Euronext deal, which gave the storied U.S. exchange an international reach.