Bank of America Corp. announced leadership positions that will be in place once the acquisition of Merrill Lynch & Co. is complete. They will report to John Thain, president of global banking, securities and wealth management in the combined company.
Nelson Chai (pictured), executive vice president and chief financial officer of Merrill Lynch, will be president of the Asia Pacific region, based in Hong Kong.
Jonathan Moulds, president of Europe, the Middle East, Africa and Asia for BofA, will be president of EMEA and be responsible for Latin America and Canada. He will reside in London.
Kohlberg Kravis Roberts & Co. made Michael Michelson and Alexander Navab co-heads of its North American private equity business. They will report to KKR co-founder Henry Kravis and George Roberts.
Michelson, based in Menlo Park, Calif., joined KKR in 1981 and oversees the North American healthcare industry team. Navab, resident in New York, joined KKR in 1993 and oversees the North American media and communications industry team. Both serve on the PE investment committee.
Also this week, the firm created an asset management division, KKR Asset Management, and named William Sonneborn as its head. KKR Fixed Income will become part of the new division. Sonneborn will succeed Saturnino Fanlo, chief executive of KFI, KKR Financial Holdings LLC and KKR Strategic Capital Management LLC, and David Netjes, chief operating officer of KFI, KFN and SCF. Fanlo and Netjes are leaving KKR.
Previously, Sonneborn was president and COO of investment management firm TCW Group Inc. As Sonneborn becomes chief executive of KKR Financial Holdings, Michael McFerran takes the COO role.
Effective May 1, Chanda Kochhar will become managing director and CEO of India's Icici Bank Ltd. Kochhar will replace K. V. Kamath, who will become non-executive chairman of the board. Kochhar, who joined Icici in 1984, is now joint managing director and chief financial officer.
Nonexecutive chairman N. Vaghul retires on April 30.