Bob McCann, who led Merrill Lynch’s 16,000 strong army of brokers, is leaving the firm. Just a few days after Merrill’s ticker symbol, MER, vanished from the New York Stock Exchange as the company was acquired by Bank of America, the news comes as a surprise to many.
When Stan O’Neal was forced out of the c-suite late last year, Bob McCann was considered the top-running candidate to become the next chief executive by the rank-and-file of the company. Outsiders, including some board members, considered him to be a long-shot. His main source of support was from Merrill employees.
He was shocked when the board selected John Thain. For the next year, he was deeply engaged in the struggle for power that cleaved Merrill Lynch. Now that Merrill has passed into the hands of Bank of America, it seems the struggle is over and McCann is out.
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