‘Change in leadership’
Cribiore is a managing partner and founder of Brera Capital, a global private equity firm.
He said that Ahmass Fakahany and Gregory Fleming will continue as Merrill Lynch co-presidents and chief operating officers.
O’Neal at the time admitted: “We can do a better job in managing this risk.”
With his exit, Wall Street loses the only African-American head of a major investment bank, a man who rose from poverty in the south of the US to the top echelons of corporate America.
He said: “I have been very fortunate to spend the past 21 years at Merrill Lynch.
“The company has provided me with opportunities that I never could have imagined growing up, culminating with my leadership of the company over the past five years.”
John Challenger, chief executive of Challenger, Gray & Christmas, a global outplacement consultancy, said O’Neal’s departure could will not be the last from a powerful figure amid the country’s financial woes.