- The Richest Members of the US Congress
- New Consensus Sees Stimulus Package as Worthy Step
- Wall Street Jobs Slow to Return Despite Record Profits
- Thanksgiving Week Stuffed With Economic News
- Black Friday Deals May Not Signal Retail Comeback
- Investors to Goldman: Be Less Greedy
- UPS Sets New Rates For 2010
- Victoria's Secret Hopes to Rekindle Desire for Lingerie
- 'New Moon' Takes Record $72.7M Box Office Bite
- How Stock Investors Can Play Holiday Travel
- Time Lapse World Series Is A Great Play
- Hirschhorn: Greed...or Fear
- My Top 10 Tech Toys for the Holidays
- iPhone a Better Gaming Platform Than Android?
- May Day For Dendreon
- 100% Mortgage Financing From USDA
- Holiday Tipping: Who And How Much
- Deep Discounts Should Make It a Very Tech-y Holiday
Text Size 
Not long after the Merrill Lynch board of directors agreed to oust Stan O'Neal as the company's chief executive, the same board offered to allow O'Neal to remain in the post on an interim basis until a new chief executive can be found, according to a person briefed on the matter.
 |
Stanley O'Neal |
It is unclear if O'Neal accepted the offer, this person said, and as of late Sunday, O'Neal was was still weighing his options.
Sources close to the situation initially said that a member of the Merrill board would be named interim chairman.
The move underscores the difficult situation faced by Merrill's board as it attempts to maintain some leadership at a firm reeling from massive losses to due its exposure to risk bonds and a recent credit-rating downgrades.
Sources close to the firm say the board is leaning toward offering the CEO job to Larry Fink, the current CEO of BlackRock. Other internal candidates include Co-President Greg Fleming and the favorite of the firm's massive brokerage unit, Private Client Chief Robert McCann.
If O'Neal stays on even for a short time it will be controversial. It was, after all, his strategy of increasing risk, particularly in the fixed income area that resulted in a recent write down for the third quarter of $8.4 billion. Analysts expect a further write down in the fourth quarter.
Merrill shares surged 8.5 percent on Friday -- their biggest single day move in five years -- on reports that O'Neal, 56, would be replaced.
Members of Merrill's board apparently became angry when they learned O'Neal had floated a merger proposal with U.S. bank Wachovia without their knowledge, The New York Times reported on Friday.
Print
Email
- Technology can make or break a fortune in the world of alternative energy.
- Many people are facing the holidays with substantially smaller incomes. Here’s how some are adapting.
- Jim Cramer is a proponent of stocks that pay healthy dividends, and here are his top five dividend plays.
- From salt, to lip balm to envelopes, it turns out that bacon flavoring can sell almost anything.
- The homebuyer's tax credit jacked sales for a while, but 2010 is looking weak. Now what?
- CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.
Data is a real-time snapshot *Data is delayed at least 15 minutes