MICHAEL VON CLEMM TO RETIRE FROM MERRILL LYNCH
MICHAEL VON CLEMM TO RETIRE FROM MERRILL LYNCH NEW YORK, Jan. 20 /PRNewswire/ -- Merrill Lynch & Co., Inc.
(NYSE: MER) today announced that Michael von Clemm, executive vice president for global business development, had decided to retire at the end of the year.
Von Clemm, 57, who joined Merrill Lynch in 1986, has been responsible for senior-level contact with major clients and key prospects on a worldwide basis, and assisted in developing the firm's global capital markets businesses. William A. Schreyer, chairman and chief executive officer, and Daniel P. Tully, president and chief operating officer, said in a joint statement: "We have reluctantly accepted Michael's decision to retire -- a decision prompted by his desire to focus on other private business and philanthropic activities, and to reduce his extensive schedule of international travel. "He brought to Merrill Lynch decades of experience as an international financier and innovator of the highest stature, and was instrumental in developing our firm's international strategies and business presence. We'll miss his continuing contributions, but we understand the reasons for his decision and wish him well." Said Von Clemm: "I've thoroughly enjoyed being part of the Merrill Lynch organization during a period of extraordinary progress for the firm, and am proud of my association with my colleagues and the clients we serve around the world. At the same time, I look forward to a more controlled pace, and to spending more time pursuing my pro bono interests, as well as more time with my family." Von Clemm has recently been inaugurated as president of the English Speaking Union, which has over 86 chapters across the United States. He also devotes significant time to other philanthropic and civic activities, serving as a Trustee of Massachusetts General Hospital, a Fellow of the Harvard Medical School, a member of the board of the Harvard University School of Public Health, and chairman-elect of the U.S.-Korea Business Council. He recently accompanied President Bush on his trip to Asia. Von Clemm also serves on the advisory boards of the Creditanstalt Bankverein, Austria, and the East African Development Bank, Kenya. He said that, for the remainder of 1992, he will continue to pursue his client relationship activities in order to ensure an orderly transition prior to his departure. Known as a principal architect of the Euromarket, Von Clemm has been described by The Economist as having been for decades at "the cutting edge of the global capital market ... his inventiveness is legend" as the creator of a wide range of innovative financial instruments. Von Clemm previously was chairman of Credit Suisse First Boston in London. He began his investment banking career in 1971 with White Weld, and also worked for First National City Bank in London. He also has served on the faculty of the Harvard Business School, conducted anthropological research under a Ford Foundation grant, and worked as a reporter for the Boston Globe. He holds a doctorate of philosophy and a masters degree in literature from Oxford University, and a bachelor's degree from Harvard College. -0- 1/20/92 /CONTACT: Paul Critchlow of Merrill Lynch & Co., 212-449-9900/ (MER) CO: Merrill Lynch & Co. Inc. ST: New York IN: FIN SU: PER
TS-KW -- NY019 -- 1365 01/20/92 10:43 EST
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|Date:||Jan 20, 1992|
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