Number Two At Merrill to Relinquish Position

July 30, 2003 ( - The number two executive at the largest full-service US brokerage is stepping down.

No replacement has been named for Thomas Patrick, executive vice chairman of Merrill Lynch & Co., according to a Reuters news report, which quoted an internal staff memo from Chairman and Chief Executive Stanley O’Neal.

Patrick took the post in November 2002, after two years as chief financial officer. He was one of the architects of Merrill Lynch’s restructuring, which resulted in the loss of nearly 25,000 jobs in three years. In the memo quoted by Reuters, O’Neal, who succeeded David Komansky this year as chairman, said the four senior officials who had previously reported to Patrick will instead report to him.

These include Ahmass Fakahany, chief financial officer; Candace Browning, global head of research; John Cummings, global head of technology and services, and Terry Kassel, global head of human resources.