Merrill Lynch Plans to Name Thain As New CEO: Reports

Merrill Lynch plans to announce shortly that NYSE EuronextCEO John Thain will become its new chief executive, according to two reports.

John Thain
John Thain

The expected announcement, which is being reported by the Wall Street Journal and New York Post, would follow a surprise meeting of the NYSE board.

Thain would succeed Stanley O'Neal, who stepped down recently after Merrill reported huge writedowns from subprime-related losses.

Thain had also be rumored to be a possible CEO candidate for Citigroup , whose chief executive Chuck Prince also stepped down following big subprime-related losses.

Thain took over the NYSE in January 2004 after longtime CEO Richard Grasso was forced to resign over his $188 million pay package. Thain sought to present a new image for the exchange and pushed through some major structural changes, including the move to electronic trading.