MERRILL LYNCH ANNOUNCES MANAGEMENT APPOINTMENTS
MERRILL LYNCH ANNOUNCES MANAGEMENT APPOINTMENTS NEW YORK, April 27 /PRNewswire/ -- Merrill Lynch & Co., Inc.
(NYSE: MER) today announced that Roger M. Vasey, executive vice president, Debt Markets Group, has decided to step down from his trading and underwriting management responsibilities at the end of the year and assume a senior advisory role. During his 13 years with Merrill Lynch, Vasey built the Debt Markets Group into the leading organization of its kind in the global capital markets.
Vasey will continue to maintain relationships with a broad base of clients and serve as an advisor to senior management in a number of areas. The company simultaneously announced new management assignments for two of its executive vice presidents, and the creation of a new executive vice president position to intensify the company's focus on its international business activities. Each will report to the Chief Executive Officer. In a joint statement, Chairman and Chief Executive Officer William A. Schreyer and President, Chief Operating Officer and Chief Executive Designate Daniel P. Tully, said: "A primary catalyst for these new management assignments was the decision by Roger Vasey to step down from his current responsibilities at year-end. Under his leadership, Merrill Lynch has built has the most successful fixed-income trading, underwriting and derivatives business Wall Street has ever known. He created an organization dedicated to innovation and exceptional client service, as evidenced by its consistent top ranking in global debt underwriting, its preeminence in money markets and its leadership in fixed-income trading as well as swaps and derivatives. We're pleased that Roger will continue to work closely with our clients and with us in a senior advisory role." Added Vasey: "I love this business, but after 30 years -- most of them in the highly intense underwriting and trading side -- it's time to slow the pace somewhat and launch a new phase. I look forward to spending more time with clients, my family, and in addressing various needs of the community." Schreyer and Tully said: "We're also pleased that we have a depth of management talent available to provide able leadership in advancing our successful business strategies worldwide." In the other actions announced by the company: -- David II Komansky has been named executive vice president, Debt Markets Group. He is currently executive vice president, Equity Markets Group. -- Thomas H. Patrick will become executive vice president, Equity Markets Group. He is currently executive vice president, Insurance Group. -- Winthrop H. Smith, Jr., will assume the newly created position of executive vice president, international. He is currently a senior vice president and national sales director in the Merrill Lynch Private Client Group. Succeeding Patrick as head of the company's insurance business activities will be Allen N. Jones, and 18-year Merrill Lynch veteran who currently is district director, Houston district, in the Private Client branch office network. Jones, who will become a senior vice president in the Private Client Group, will report to John L. Steffens, executive vice president, Private Client Group, with respect to management, sales and marketing functions, and to Arthur H. Zeikel, executive vice president, Asset Management Group, with respect to insurance portfolio management functions. This new management structure reflects the successful repositioning under Patrick of Merrill Lynch's insurance businesses to emphasize the investment related products and professional money management services offered through the Private Client Group and Merrill Lynch Asset Management. Succeeding Smith as senior vice president, national sales, Eastern division, will be Robert D. Sherman, a 25-year Merrill Lynch veteran currently serving as district director, Texoma district, in the Private Client branch office network. These changes will become effective in June, with Vasey, Komansky, Patrick and Smith assisting through the end of the year to achieve a smooth transition. Schreyer and Tully commented, "Dave Komansky has carefully guided and grown our equity business over the past 18 months, and before that provided strong leadership as national sales director of our Private Client Group. Given his track record in 24 years at Merrill Lynch, we're confident he'll build on the tradition of excellence in Debt Markets. "Tom Patrick has distinguished himself as an investment baker, as chief financial officer and as head of our Insurance Group, where he successfully consolidated and repositioned our insurance business to emphasize investment-related products and services. With his considerable investment baking experience and record of innovation as a co-inventor of our LYONs (R) product, he is the ideal person to build on the momentum we've achieved in serving equity clients -- issuers and investors alike," they said. "The creation of a new position at the executive vice president level, chairman of Merrill Lynch International, underscores our determination to assist our clients in realizing all of the opportunities that exist in the global markets. With 18 years of broad experience in our Private Client and Investment Banking businesses, as well as in strategic planning and corporate administration, Win Smith is well prepared for this role. "He will work in close partnership with our business group heads and international regional executives to ensure coordination of our global businesses, focus our resources and bring them to be as effectively as possible on behalf of our clients," Schreyer and Tully said. Smith will become a member of the company's Executive Management Committee, which in addition to Schreyer and Tully includes Executive Vice Presidents Komansky, Patrick, Steffens, Vasey, Zeikel, Herbert M. Allison, Jr., Barry S. Friedberg, Edward L. Goldberg, Stephen L. Hammerman, Jerome P. Kenney and Senior Vice President Daniel T. Napoli. Biographies of Jones, Komansky, Patrick, Sherman, Smith and Vasey follow. Executive Vice Presidents David H. Komansky Executive vice president, Debt Markets Executive vice president, Equity Markets, since October 1990, with executive responsibility for equity transactions, trading and worldwide distribution of equity products. Senior vice president and director of national sales, Merrill Lynch Consumer Markets, 1988-1990, with senior management responsibility for the firm's domestic office network. President, Merrill Lynch Realty (subsequently Fine Homes International), 1985-1988. Consumer Markets metropolitan regional director, 1983-1985. Mideast regional director, 1981-1983. Various sales and branch office management positions, 1975-1981. Joined Merrill Lynch as financial consultant, 1968. B.S., University of Miami, 1965. Thomas H. Patrick Executive vice president, Equity Markets Executive vice president, Insurance, since October 1990, with executive responsibility for origination and distribution of annuity and life insurance products to Merrill Lynch clients. Executive vice president and chief financial officer of Merrill Lynch & Co., 1989-1990. Managing director, Investment Banking Division, 1982-1989. Executive vice president and chief financial officer. Life Investors Inc., an insurance holding company, 1979-1981. Was with White Weld as an investment banker specializing in insurance companies, 1972-1979. Investment banking principal with Sears, Sucsy & Co., 1970-1972. Research analyst with Mellon National Bank, 1966-1968. B.A., Rutgers, 1965. M.B.A., University of Pittsburgh, 1966. Winthrop H. Smith, Jr., Executive vice president, International Senior vice president and national sales director, Eastern division, Private Client Group, since Nov. 1990, with senior management responsibility for more than 130 of the firm's domestic branch offices and more than 3,200 Financial Consultants. Regional director, Mid- Atlantic region, Merrill Lynch Consumer Markets, 1985-1990. Director of Emerging Investor Services, Merrill Consumer Markets, 1984-1985. Director of strategic planning & marketing, Merrill Lynch Capital Markets, with additional operating responsibility for the retail branch offices of Latin and South America, 1982-1984. Director of Human Resources, Merrill Lynch & Co., Inc. 1980-1982. Joined Merrill Lynch as an investment banking associate in 1974, and held a variety of investment banking, finance and human resources positions. B.A., Amherst, 1971, M.B.A., Wharton School, 1974. Roger M. Vasey Senior Advisor Has served since October 1990 as executive vice president, Debt Markets, and since 1988 as senior vice president, Debt Markets, of Merrill Lynch Capital Markets, with executive responsibility for worldwide underwriting and trading of debt securities, as well as foreign exchange and interest rate and currency swap services. Joined Merrill Lynch in 1979 from A.G. Becker, where he was manager of commercial paper. B.S., University of Missouri, 1958. M.B.A., University of Chicago, 1970. Senior Vice Presidents Allen N. Jones Senior vice president, Insurance District director, Houston district, Private Client branch office network, since January 1990, with responsibility for sales, planning and personnel for five parent offices and 10 associate offices in the greater Houston area. Resident vice president, Houston office, 1986- 1990. Resident vice president, Rockefeller Center (New York) office, 1980-1986. Marketing manager, metropolitan region, 1979-1980. Joined Merrill Lynch as a financial consultant in 1973 in Little Rock, Ark. B.S./B.A. University of Arkansas, 1964. Robert D. Sherman Senior vice president and national sales director Eastern Division, Private Client Group District director, Texoma district, Private Client branch office network, since January 1991, with responsibility for sales, planning and personnel for 11 parent offices and 14 satellite offices in Texas and Oklahoma. Regional director, Texas region, 1985 to 1991, responsible for branch offices in Texas, Arkansas, New Mexico, Oklahoma and part of Louisiana. (The regional structure was eliminated in 1991.) Resident vice president, Little Rock, Ark., office, 1976-1985. Regional sales manager, Southwest region, 1976-1977. Joined Merrill Lynch as a financial consultant in 1967 in Detroit. Defensive Back, NFL Pittsburgh Steelers, 1964-1965. B.A. University of Iowa, 1964. -0- 4/27/92 /NOTE TO EDITORS: Photos available on request./ /CONTACT: Paul Critchlow, 212-449-9900, James Wiggins, 212-449-7280, or William Clark, 212-449-7284, all of Merrill Lynch/ (MER) CO: Merrill Lynch & Co. ST: New York IN: FIN SU: PER
AH-TR -- NY054 -- 3234 04/27/92 13:54 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 27, 1992|
|Previous Article:||LUBRIZOL DECLARES DIVIDEND|
|Next Article:||LUBRIZOL ELECTS OFFICERS|