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— Movers and Shakers —
Thain (top left), former chairman and CEO of Merrill Lynch & Co., was president of global banking, securities and wealth management for Bank of America. This news comes three weeks after BofA completed a hasty acquisition of Merrill Lynch and days after it got another bailout from the government, this one worth $138 billion. From January 2004 to December 2007, Thain was chief executive and a director of NYSE Euronext Inc. following the NYSE Group and Euronext NV merger in June 2006. Before that, Thain worked at Goldman, Sachs & Co., where he was president and chief operating officer.
The latest high-profile departures from Merrill include longtime execs Daniel Markaity and Christopher Bury, who joined Jefferies & Co. as co-heads of the fixed-income rates business; former president and chief operating officer Gregory Fleming, who went to his alma mater Yale; and Robert McCann, who was vice chairman and president of the prized global wealth management division at Merrill.
"When I was asked on short notice in November 2007 to become acting
chief executive and then in December 2007 to become chairman of the
board, I accepted with the understanding that it would be for a limited
but entirely flexible period," Bischoff said in a statement. Bischoff
was appointed chairman of Schroders plc in 1995 and became
chairman of Citigroup Europe in May 2000 after Citi's acquisition of
Schroders' investment banking business. Bischoff's announcement comes about two weeks after former Treasury Secretary Robert E. Rubin, who is director and senior counselor to Citigroup, said he would not stand for re-election as director at Citi's annual meeting and will retire at the end of his tenure. Citigroup is also splitting into two standalone businesses: Citi Holdings, a non-core asset management and consumer finance operation and Citicorp, banking operations including investment banking, wealth management, global transactions and other services.
Stausboll served as interim chief information officer after former CEO Fred Buenrostro and former CIO Russell Read
resigned last summer reportedly due to disagreements with CalPERS'
board. The country's largest pension fund reported in October that its
assets had lost more than 20% since July 1, and another $15 billion
since October. - Vyvyan Tenorio Freshfields Bruckhaus Deringer LLP is launching a U.S. litigation practice with three partners in New York. Aaron Marcu, Benito Romano and Adam Siegel will arrive on Jan. 26 to form the complex litigation and white-collar defense and investigations practice. They will focus on Securities and Exchange Commission enforcement and federal criminal investigations. For the past 20 years Marcu was a partner in Covington & Burling LLP's New York office, where he helped build and lead a 22-partner white-collar defense and investigations group. Before that, he was an assistant U.S. Attorney in the Southern District of New York from 1983 to 1989. For the past 20 years, Romano was a partner and the leader of the white-collar criminal defense practice at Willkie Farr & Gallagher LLP. Before returning to private practice in 1989, Romano was U.S. Attorney in Manhattan. From 1999 to 2005, Siegel was an assistant U.S. Attorney in the criminal division of the U.S. Attorney's Office in Manhattan. Before that, he was an associate at Covington & Burling, returning to that firm as a partner in 2005. Oak Hill Advisors LP said Christine Daley joined its investment team as a managing director to focus on opportunities in the stressed and distressed credit markets. Daley was formerly a managing director at Lehman Brothers Holdings Inc., where she co-managed the distressed debt and special situations proprietary desk, was head of distressed debt research and served as co-head of high yield research. KPMG LLP named Howard Steinberg national leader of its tax restructuring and corporate recovery practice. |
Thain's departure was announced after a meeting with Lewis about the future of the combined companies. Tom Montag in New York, head of global markets, will stay on and report directly to Lewis (right). Montag will also become a member of the management executive team. Montag was a 22-year veteran of Goldman Sachs, joining Merrill in 2008 as head of global sales and trading.
Another top executive will leave Citigroup Inc. Chairman Win Bischoff (left) will retire Feb. 23, to be succeeded by senior non-executive director Richard Parsons. Parsons (right) is the former chairman of Time Warner Inc.,
which he joined as president in 1995. He was previously chairman and
CEO of Dime Bancorp Inc. and managing partner of New York law firm Patterson Belknap Webb & Tyler LLP. Earlier, he held posts in state and federal government, as counsel for Nelson Rockefeller and as a senior White House aide under President Gerald Ford.
The California Public Employees' Retirement System will make Joseph Dear,
currently executive director of the Washington State Investment Board
and chairman of the Council of Institutional Investors, chief
investment officer of the $178 billion pension fund in March. Dear (left) has
been at his current position since 2002. His appointment followed the
selection last month of Anne Stausboll (right) as CEO of 77-year-old CalPERS.
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