July appears to be Merrill Lynch’s preferred month for addressing its CEO succession plans. On July 23 its board voted to promote Stan O’Neal from his position as president of the firm’s powerful private-client group to become president and chief operating officer of the whole company, regarded as the final stop before becoming CEO.
Both roles had been left vacant since the board unceremoniously dumped Herb Allison almost two years to the day before O’Neal’s appointment.
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