Thain chosen to helm Merrill

Merrill Lynch is expected to name NYSE head John Thain as its new CEO, according to published reports.

Merrill Lynch & Co. Inc. will name New York Stock Exchange chief executive John Thain as its new CEO, according to published reports.
The move is somewhat unexpected as the smart Wall Street money was on BlackRock Inc. chief executive Laurence Fink, according to a report in The Wall Street Journal.
Mr. Thain would replace E. Stanley O’Neal, who resigned after the company announced a $7.9 billion third quarter write-down and made an unauthorized overture to merge with Charlotte, N.C.-based Wachovia Corp (InvestmentNews, Oct. 30).
Earlier in the day, the Financial Times reported that Mr. Thain was not on Citigroup’s shortlist of candidates considered to succeed deposed chairman and chief executive Charles O. Prince.
The Board of the New York Stock Exchange had been planning to meet on the matter today and is expected to name operating officer Duncan Niederauer as its chief executive, according to a New York Post report.
Shares of Merrill were up $3.29, or 5.79%, to $60.24 in afternoon trading.