Merrill Lynch Promotes Berkery to Vice Chairman; Adds Oversight of Global Research to Responsibilities; Browning Appointed President, Merrill Lynch Global Research
NEW YORK— Merrill Lynch (NYSE: MER) today announced that Rosemary T. Berkery, executive vice president and general counsel since 2001, has been promoted to the position of vice chairman and general counsel. In addition to her role as head of the company’s legal and compliance functions, Ms. Berkery assumes oversight of global research.
“Rosemary has been a key member of our executive management team and a close advisor to me and to the company’s board of directors,” said Stan O’Neal, chairman and chief executive officer of Merrill Lynch. “Her promotion recognizes the critical role she plays in our efforts to build a growing, global financial services franchise capable of delivering attractive and sustainable returns for shareholders over the long-term.
“As general counsel, Rosemary was actively involved in developing a new organizational structure and business model for research that would assure investors and regulators had confidence in the integrity of the function,” Mr. O’Neal continued. “She knows the operation well and will be an effective advocate for the function at the highest levels of the company.”
Merrill Lynch said that Candace Browning, senior vice president and head of global research, has been promoted to the position of president, Merrill Lynch Global Research, and will report to Ms. Berkery as she continues to lead the group.
“Candace has done an extraordinary job developing and enhancing the capabilities and professionalism of our research organization,” Mr. O’Neal said. “Under her leadership, Merrill Lynch Research has been consistently recognized for its outstanding insight, performance, and client service and has emerged as a stand-alone organization with enormous value.”
Ms. Berkery joined Merrill Lynch in 1983. Before becoming general counsel, she served as senior vice president and director of U.S. private client marketing and investments. She has held a number of other positions within the firm, including associate general counsel, responsible for managing the Corporate Law Department, which serves as counsel to the Board of Directors and executive management. Ms. Berkery began her career with Shearman & Sterling where, from 1978 to 1983, she was a corporate and securities lawyer, specializing in mergers and acquisitions. She is a graduate of the College of Mount Saint Vincent and St. John’s University School of Law, where she was an editor of the Law Review.
Ms. Browning has headed global research since 2003 and was director of equity research for the Americas region from 2001 until then. From June 2000 to November 2001, she was based in London, serving as deputy director, global research product, Pan-Europe. Before joining research management, Ms. Browning covered the airline industry in the United States, and was ranked in Institutional Investor’s all-star analyst survey for 17 consecutive years. Ms. Browning joined Merrill Lynch in 1990 as a research analyst. She received a bachelor’s degree in history from Brandeis University and an MBA in marketing from Columbia University.
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