Skip to: Content
Skip to: Site Navigation
Skip to: Search
THURSDAY, NOVEMBER 26, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


0

It's Official: O'Neal Out

CEO ousted after subprime writedowns, backdoor merger talks

Share

(Newser) – Merrill Lynch CEO Stan O’Neal is retiring effective immediately, the company announced today, shocking no one. Merrill characterized the ouster as a mutual decision, but massive subprime losses and takeover indiscretions clearly marked O’Neal for the chopping block. Terms of the exit package were not disclosed, but it's expected to total close to $200 million, the Journal reports.

O’Neal brought change to Merrill, focusing it on high-profit areas, such as bundling home loans into securities. That wound up forcing the firm to take a dizzying $8.4 billion in writedowns this quarter. O’Neal then approached Wachovia about a merger without board approval. His interim non-executive replacement is 4-year board member Alberto Cribiore.

Stanley O'Neal, Chairman and CEO of Merrill Lynch & Co., is seen in New York in this Nov. 1, 2006 file photo. (AP Photo/Louis Lanzano, file)
Stanley O'Neal, Chairman and CEO of Merrill Lynch & Co., is seen in New York in this Nov. 1, 2006 file photo. (AP Photo/Louis Lanzano, file)   (Associated Press)
Stanley O'Neal, Chairman and CEO of Merrill Lynch & Co. is seen in New York in this Nov. 1, 2006 file photo. Merrill Lynch, the world's largest brokerage, said Tuesday, Oct. 30, 2007 its embattled chief executive will retire, effective immediately. (AP Photo/ Louis Lanzano, file)
Stanley O'Neal, Chairman and CEO of Merrill Lynch & Co. is seen in New York in this Nov. 1, 2006 file photo. Merrill Lynch, the world's largest brokerage, said Tuesday, Oct. 30, 2007 its embattled chief...   (Associated Press)
A Merrill Lynch office is seen in New York, Wednesday, Oct. 24, 2007. (AP Photo/Seth Wenig)
A Merrill Lynch office is seen in New York, Wednesday, Oct. 24, 2007. (AP Photo/Seth Wenig)   (Associated Press)
Merrill Lynch today cut loose CEO Stan O'Neal in the face of record subprime losses this week. O'Neal is the highest-profile casualty of the subprime collapse so far.
Merrill Lynch today cut loose CEO Stan O'Neal in the face of record subprime losses this week. O'Neal is the highest-profile casualty of the subprime collapse so far.   (Getty Images)
« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.24.09
Murdoch and Microsoft: The Mice Are Trying to Roar
11.23.09
Books Are Bad for You
0 comments
VIEWING:
 
LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

476 Stories

AIG Settles With Ex-CEO:
Will Pay Fees, Return Rug

Company agrees to shell out up to $150 million

Nov 25, 09 5:20 PM CST
(Newser) - AIG is done fighting with former CEO Hank Greenberg and will give him his Persian rug back. The taxpayer-owned insurance giant agreed to settle all legal disputes with Greenberg and former CFO Howard I. Smith. The company agreed to pay up to $150 million in legal fees to the two... More »

MORE ABOUT:
CEO • AIG • Hank Greenberg

editorial

 NYT to Blankfein: 
 Your 'Apology' 
 Is Bull  

Editorial board schools Goldman CEO in true meaning of 'sorry'

Nov 22, 09 4:53 PM CST
(Newser) - Lloyd Blankfein took his sweet time acknowledging his firm's role in almost toppling the financial system, and the New York Times editorial board stewed until today, when the paper's audience is largest. The Goldman Sachs CEO said in a speech this week, "We participated in things that were clearly... More »

MORE ABOUT:
Goldman Sachs • CEO • credit crisis • apology • Lloyd Blankfein • bailout • Troubled Asset Relief Program • Wall Street bailout • TARP • Bureau of the Public Debt

 AIG's Benmosche: 
 I'm Not Quitting 

CEO is 'committed' to firm's employees

Nov 11, 09 3:00 PM CST
(Newser) - AIG CEO Robert Benmosche isn’t fed up with running a government-controlled insurance giant after all: Backing away from his threat to quit, Benmosche said today that he remains "totally committed” to the company. The CEO conceded, however, that he and the board “are indeed frustrated” with the... More »

MORE ABOUT:
Wall Street • insurance companies • CEO • insurance • AIG • bailout • Robert Benmosche

476 Stories


Merrill's new CEO better have a plan
Forbes

Among O'Neal's indiscretions: too much golf
TheStreet

Writedowns destroyed 20% of shareholder equity
Bloomberg


Business 
TwitterFollow @NewserBusiness on Twitter

 
subprime mortgages • CEO • Merrill Lynch • Stan O'Neal

from our news partners