Merrill Lynch Statement on 2008 Executive Compensation
NEW YORK. — At today’s scheduled Merrill Lynch & Co. Inc., (NYSE: MER) board meeting John A. Thain, chairman and CEO, requested that he receive no bonus for 2008. Each of the four executive officers of Merrill Lynch, President and COO Greg Fleming, Chief Financial Officer Nelson Chai, President of Global Wealth Management Robert McCann, and General Counsel Rosemary Berkery requested that they also receive no bonus for 2008. Mr. Thain and the other executive officers believe this is the appropriate recommendation to the board for the Merrill Lynch shareholders and Merrill Lynch employees given current economic and market conditions.
John D. Finnegan, chairman of the Merrill Lynch Management, Compensation and Development committee said, “The Board accepted Mr. Thain and his management team’s request and applauded the Thain-led management team’s superb performance in an exceptionally challenging environment.”
Merrill Lynch is one of the world’s leading wealth management, capital markets and advisory companies, with offices in 40 countries and territories and total client assets of approximately $1.5 trillion at September 26, 2008. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world’s largest publicly traded investment management companies with more than $1.3 trillion in assets under management at September 30, 2008. For more information on Merrill Lynch, please visit www.ml.com.
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