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BOARD OF DIRECTORS APPROVES CEO SUCCESSION PLAN; SCHREYER TO REMAIN AS CHAIRMAN OF THE BOARD THROUGH JUNE 1993; TULLY TO BECOME CEO IN MAY 1992

BOARD OF DIRECTORS APPROVES CEO SUCCESSION PLAN; SCHREYER TO REMAIN AS CHAIRMAN OF THE BOARD THROUGH JUNE 1993; TULLY TO BECOME CEO IN MAY 1992
 NEW YORK, Feb. 24 /PRNewswire/ -- William A. Schreyer, chairman and chief executive officer of Merrill Lynch & Co., Inc. (NYSE: MER), today announced that Daniel P. Tully, currently president and chief operating officer, will assume the additional title and responsibilities of chief executive officer on May 1, 1992. The corporation's board of directors elected Tully to his new post, effective on that date, at its regular meeting today.
 Schreyer will remain as chairman of the board until he retires on June 28, 1993, and he will continue as chairman of the executive committee and finance committee of the board as well.
 Schreyer, who will turn ensure continuity of leadership and continued progress in our company's successful global business activities."
 "Dan Tully and I have worked together as partners for many years and, together with our colleagues in executive management and all of our employees, we've achieved significant growth in our business franchises, culminating in a year of record profits in 1991," said Schreyer. "Our board is confident that Dan has the experience and vision to lead Merrill Lynch to even greater heights in the years ahead."
 Tully, 60, said: "Under Bill Schreyer's exceptional leadership, Merrill Lynch has emerged from a challenging period for the entire industry to a position of preeminence in serving individual investors as well as corporate and institutional clients worldwide. Like Bill, I've spent my entire business career at Merrill Lynch, and look forward to building on these achievements in a future that promises great opportunities and challenges for financial services."
 Tully noted that Merrill Lynch enters 1992 from a position of strength, having achieved record pre-tax earnings of more than $1 billion and net earnings of $696.1 million in 1991. Assets in client accounts increased 20 percent to a record $435 billion, and Merrill Lynch was the leading U.S. and global underwriter of total debt and equity securities for the fourth consecutive year.
 Schreyer, a native of Williamsport, Pa., joined the company as a trainee in 1948 after graduating from Penn State University, and held a succession of executive positions, becoming chief executive in 1984 and chairman in 1985. Earlier in his career, Schreyer held a number of management positions in Merrill Lynch's domestic private client system, and at New York headquarters during the mid-1970s, he was instrumental in establishing the company's capital markets businesses. As CEO during the 1980s, he pursued a successful strategy of more sharply focusing Merrill Lynch's activities on its core securities businesses.
 He has been an outspoken advocate of high ethical standards in the securities industry as well as for government policies such as renewed IRAs that would promote increased savings and investment in the United States.
 Upon retiring in June 1993, Schreyer will have completed 45 years with Merrill Lynch.
 Tully, a native of New York, joined the accounting department of Merrill Lynch in 1955 after graduating from St. John's University. He has held a succession of management positions in the company's private client system, including account executive, sales manager and resident vice president in the Stamford, Conn., office.
 Starting in 1976, when he was appointed individual sales director, Tully orchestrated the company's shift from a product-driven sales effort to a client-focused marketing approach which has led to the company's successful asset gathering and asset management strategy.
 He was promoted to executive vice president, marketing in 1979 and became, in 1982, president of the individual services group, forerunner of the present private client group. Since becoming president and chief operating officer of Merrill Lynch & Co., Inc. in 1985, he has emphasized the strategic importance of client-focused marketing throughout all of Merrill Lynch's business activities.
 -0- 2/24/92
 /CONTACT: Paul Critchlow, 212-449-9900, or James Wiggins, 212-449-7280, both of Merrill Lynch/
 (MER) CO: Merrill Lynch & Co., Inc. ST: New York IN: FIN SU: PER


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Date:Feb 24, 1992
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