Stan O'Neal Forced Out of Merrill Lynch
Stan O'Neal, Merrill Lynch & Co. Chief Executive Officer, has decided to step down after losing the confidence of his board, according to published reports.
O'Neal one of a handful of Fortune 500 ranked black executives has become the first Wall Street chief executive casualty of the recent credit market turmoil.
The bank's directors have been in talks for most of the past three days, discussing Mr O'Neal’s future and the search for possible successors.
The board was forced to act after O'Neal oversaw the firm's wholesale push into the underwriting and trading of collateralized debt obligations (bonds made from other bonds).
An announcement may come tomorrow morning.
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