Merrill Lynch Picks John Thain as CEO

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Merrill Lynch has a new chief executive: John Thain.

He is currently the head of the New York Stock Exchange, and will begin his new job on Dec. 1. Thain is credited with leading the NYSE through a challenging period that included the exchange's initial public offering and a move into electronic trading.

The firm began searching for a new CEO two weeks ago when Stan O'Neal resigned over huge losses on mortgage-backed securities.



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