« September 2007 | Main | November 2007 »

Oct30
Alberto Cribiore Takes Interim Leadership Role at Merrill Lynch After Stanley O’Neal Resigns

Serving as CEO is risky business. Just ask a few former top executives at Wall Street firms.

Merrill Lynch & Co., Inc. (NYSE:MER) chairman and CEO Stanley O’Neal resigned today. Merrill Lynch board member Alberto Cribiore has been named the interim CEO. Cribiore will also headCEO chopping block.jpg the search for a new CEO.

There is little doubt that pressure from the board facilitated his departure after Merrill Lynch announced its biggest quarterly loss in its history,

According to Forbes,

“The announcement capped days of speculation about O'Neal's future as chief executive of Merrill, which is reeling from its outsized exposure to credit derivatives and subprime debt. Last week, Merrill stunned Wall Street by reporting $8.5 billion in write-downs, far greater than it had forecast just weeks before, and its biggest ever quarterly loss.”

O'Neal is the highest-profile executive but not the first CEO to lose his job this year in the aftermath of the sub-prime meltdown. That honor goes to Peter Wuffli, CEO of UBS AG (NYSE:UBS) who abruptly resigned in July after his firm suffered substantial losses from sub-prime mortgage holdings and was compelled to shut down its Dillon Read hedge fund unit.

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Oct16
National Boss's Day – Don’t Boss, Be a Leader
Boss. I never really liked the term. I guess because I think of domineering, arrogant and tyrannical when I think of “Boss.” But it is National Boss's Day and a good opportunity for leaders to think about how they... Continue Reading
Oct 6
What do Leadership, Gifts and Microlending Have in Common?
A few days ago Jim Murphy, a senior executive at Amica … gave $1800.00 to shore up computers at Camp Haccamo.  The camp’s special mission to welcome children with special needs to a summer resident camp … depends on generous gifts... Continue Reading

« September 2007 | Main | November 2007 »

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