Merrill Lynch announced today that two key Merrill Lynch executives will be replaced.
Jeffrey Peek is no longer head of the firm’s asset management unit, and the corporation’s long-time general counsel, Steve Hammerman, is also stepping aside.
Merrill did not give a reason for the changes. Hammerman will remain a vice chairman of the board and continue to serve on the executive management committee.
Bloomberg is reporting that Peek quit after failing to win the presidency of the firm. See the Bloomberg story at: www.bloomberg.com.
Last week, Merrill Lynch announced that James P. Gorman had been appointed president of the U.S. Private Client Group (USPC), the firm’s retail division: www.ml.com:.
Merrill’s statement on its new general counsel: www.ml.com.