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MERRILL LYNCH ANNOUNCES REALIGNMENT AIMED AT ENHANCING FOCUS ON CLIENTS

 NEW YORK, March 24 /PRNewswire/ -- Merrill Lynch & Co., Inc. (NYSE: MER) today announced that it will establish an office of the chairman and an office of the chief executive in a strategic realignment aimed at further strengthening the company's focus on client relationships and integrated delivery of client services worldwide. This realignment will involve some organizational and executive management changes, and is effective May 1.
 The office of the chairman, which will have responsibility for developing and enhancing corporate and institutional client relationships, will include:
 -- William A. Schreyer, chairman of the board since 1985, who will serve until his retirement on June 28, 1993.
 -- Daniel P. Tully, president since 1985 and chief executive officer since May 1, 1992.
 -- Stephen L. Hammerman, vice chairman since 1992 and general counsel since 1984.
 -- Barry S. Friedberg, who assumes the position of chairman, Investment Banking. In this capacity, Mr. Friedberg will have responsibility, working with the relationship managers in Investment Banking, for assuring the Merrill Lynch's full capabilities are delivered to corporate clients. Mr. Friedberg has led the Investment Banking Group since 1985, first as senior vice president and, since 1990, as executive vice president. He will remain an executive vice president of Merrill Lynch & Co., Inc. and a member of the corporation's executive management committee.
 -- John G. Heimann, who will continue as chairman, Global Financial Institutions, has senior relationship responsibility for financial institutions worldwide. Mr. Heimann, who will be a member of the executive management committee, has been with Merrill Lynch since 1984 and is former U.S. Comptroller of the Currency.
 -- Thomas H. Patrick, who assumes the position of chairman, special advisory services. In this capacity, Mr. Patrick will have responsibility for Merrill Lynch special advisory services, which develops and, working with the relationship managers, provides customized, proprietary financial services to investment banking clients. Mr. Patrick previously served as executive vice president, Equity Markets Group, since 1992; he will remain an executive vice president of Merrill Lynch & Co., Inc. and a member of the executive management committee.
 The office of the chief executive, which will be responsible for managing the firm's global businesses, will include Mr. Tully, Mr. Hammerman and:
 -- Herbert M. Allison, Jr., who assumes the position of executive vice president, Investment Banking Group. In this capacity, Mr. Allison will have executive management responsibility for investment banking, on a global basis. He previously served as executive vice president, finance and administration, since 1990.
 -- David H. Komansky, who assumes the position of executive vice president, Debt and Equity Markets Group. In this capacity, Mr. Komansky will have executive management responsibility for debt and equity trading and institutional sales, on a global basis. He previously served as executive vice president, Debt Markets Group, since 1992.
 -- John L. Steffens, who will continue as executive vice president, Private Client Group, a position he has held since 1990. Mr. Steffens has executive management responsibility for investment, credit and banking services for individual investors and small-to-midsize businesses, on a global basis. He has led the corporation's private client effort since 1985.
 Messrs. Allison, Komansky and Steffens will remain members of the executive management committee.
 "This new structure is the next logical step in Merrill Lynch's strategic evolution over the past two decades from a sales-oriented organization to a marketing-oriented, client-focused financial management and advisory company," Mr. Tully said. Added Mr. Schreyer: "We recognize that, for a professional service organization like Merrill Lynch, managing client relationships is as important as managing business operations of the firm."
 "The office of the chairman will be responsible on a global basis for overseeing the firm's relationships with corporate and institutional clients, and providing strengthened leadership to ensure that the total resources of the company are brought to bear on the diverse needs of those clients," said Messrs. Schreyer and Tully.
 "Our firm was founded on the principle that `the clients' interest must come first' -- a principle that remains critical in the increasingly complex and fast-changing global capital markets," they said. "By establishing this office and including within it these highly seasoned and respected senior executives, Merrill Lynch is reinforcing its time-honored commitment to leadership in client service that permeates all levels of our organization."
 The office of the chief executive, Mr. Tully said, will be responsible for planning, coordination and overall management of Merrill Lynch's businesses. "Messrs. Steffens, Komansky and Allison are highly skilled line managers with decades of experience at Merrill Lynch, and I am confident in their ability to integrate and focus our business groups on serving the complex needs of our clients."
 The corporation's overall policies, management processes and corporate governance will continue to be directed by the existing executive management committee of Merrill Lynch & Co., Inc. This committee is headed by Messrs. Schreyer and Tully and will include the executives in the offices of the chairman and the chief executive as well as executive vice presidents Edward L. Goldberg, operations, systems and telecommunications; Jerome P. Kenney, corporate strategy, credit and research; Winthrop H. Smith, Jr., international; Roger M. Vasey, senior advisor; Arthur Zeikel, Asset Management Group; and Senior Vice President, Daniel T. Napoli, risk management. These individuals, who are responsible for functions that are critical to the client focus strategy, report to Messrs. Schreyer and Tully.
 Mr. Tully also announced that Senior Vice President Joseph T. Willett has been named chief financial officer, with responsibility for the firm's Controller, Treasury and Audit functions. He will be a member of the company's executive management committee and will report to Mr. Tully. Mr. Willett, who has served as Controller since 1992, will continue in that capacity as well. Previously he served as treasurer for three years. Mr. Allison previously served as chief financial officer.
 The following are biographical sketches:
 MERRILL LYNCH & CO., INC.
 Biographies
 Office of the Chairman
 Barry S. Friedberg
 Chairman, Investment Banking
 Executive vice president, Investment Banking Group, since 1990, with executive responsibility for financing and advisory services to industrial corporations, financial institutions and governments worldwide. Senior vice president, Global Investment Banking, 1985-1990.
 Mr. Friedberg joined Merrill Lynch in 1984 through the acquisition of A.G. Becker, which he joined in 1964. He holds a B.A. degree from Princeton University.
 John G. Heimann
 Chairman, Global Financial Institutions
 Chairman, Global Financial Institutions, since 1992, with senior relationship responsibility for financial institutions worldwide. Chairman of the Executive committee for Merrill Lynch Europe/Middle East, 1988-90. vice chairman of Merrill Lynch Capital Markets, 1984- 1992.
 Mr. Heimann joined Merrill Lynch in 1984 when the firm acquired Becker Paribas, where he was deputy chairman. Mr. Heimann also served as U.S. Comptroller of the Currency, from 1977-81. He earned a B.A. from Syracuse university and a Doctor of Laws from St. Michaels College.
 Thomas H. Patrick
 Chairman, Special Advisory Services
 Executive vice president, Equity Markets Group, since 1992, with executive responsibility for equity transactions, trading and worldwide distribution of equity products. Executive vice president, insurance, 1990-92. Chief financial officer, 1989-1990.
 Mr. Patrick joined Merrill Lynch in 1981 in investment banking, where he co-created the proprietary LYONs product. Mr. Patrick earned a B.A. from Rutgers University, an M.B.A. from University of Pittsburgh and completed all course work for a doctorate in finance at Northwestern University.
 Office of the Chief Executive
 Herbert M. Allison Jr.
 Executive Vice President, Investment Banking Group
 Executive vice president, finance and administration, since 1990, with responsibility for the audit, treasury, controller, credit, human resources and purchasing and real estate functions. Executive vice president, administration, 1989-90. Senior vice president, human resources, 1986-1989. Treasurer, 1983-1986.
 Mr. Allison joined Merrill Lynch in 1971 in investment banking, and subsequently held a number of international positions before returning to New York as assistant to the president in 1978. He earned a B.A. from Yale University and an M.B.A. from Stanford University.
 David H. Komansky
 Executive Vice President, Debt and Equity Markets Group
 Executive vice president, debt markets group, since 1992, with executive responsibility for trading, underwriting and worldwide distribution of fixed-income products and derivatives. Executive vice president, equity markets group, 1990-92. Senior vice president and national sales director, Merrill Lynch Consumer Markets, 1988-90. President, Merrill Lynch Realty (subsequently Fine Homes International), 1985-88.
 Mr. Komansky joined Merrill Lynch as a financial consultant in 1968, and held a number of regional and branch office management positions. He earned a B.S. at the University of Miami.
 John L. Steffens
 Executive Vice President, Private Client Group
 Executive vice president, private client group, since 1990, with executive responsibility for investment, banking and credit services for individual investors and small-to-midsize businesses worldwide. President, Merrill Lynch Consumer Markets, 1985-1990. National sales director, 1984-1985.
 Mr. Steffens joined Merrill Lynch in 1963 in the junior executive trainee program and subsequently held a number of marketing, operations and branch office management positions. He earned a B.A. from Dartmouth College and attended the advanced management program at the Harvard Business School.
 Joseph T. Willett
 Senior Vice President, Chief Financial Officer
 Senior vice president, controller, since 1992, with management responsibility for the financial control function, corporate tax, corporate accounting and reporting, and management reporting and analysis. Treasurer, 1990-1992.
 Mr. Willett joined Merrill Lynch in 1982 as director, long-term funding, and subsequently held a number of treasury positions, including deputy treasurer, funding & treasury operations, and deputy treasurer, finance. He earned a B.A. degree at Bates College and an M.B.A. from the University of Rochester.
 -0- 3/24/93
 /CONTACT: Paul Critchlow, 212-449-9900, or Fred Yager, 212-449-7355, or Monica Prihoda, 212-449-7293, all of Merrill Lynch/
 (MER)


CO: Merrill Lynch & Co., Inc. ST: New York IN: FIN SU: PER

TM-LD -- NY073 -- 9310 03/24/93 19:16 EST
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