Monday, June 16, 2008

A list of CEOs deposed during the credit crisis

Some call them victims of the credit crisis, others call them the perpetrators. Here's a list of CEOs in the financial services industry who have been ousted over the past year in the wake of the mortgage market meltdown.

_ Merrill Lynch & Co.'s Stanley O'Neal lost his job as CEO last October, after nearly five years in the top spot at the Wall Street investment firm. NYSE Euronext's John Thain, who worked for many years at Goldman Sachs, is now running Merrill, which is expected to report a quarterly profit this week after two straight quarters of losses.

_ Citigroup Inc.'s Charles Prince was forced out last November after working for nearly five years as CEO. Vikram Pandit, a Morgan Stanley veteran, took over about a month later. The largest U.S. bank by assets is still trying to shore up its finances after two straight quarters of losses and asset write-downs of about $38 billion.

_ Marsh & McLennan's Michael Cherkasky was pushed out of the CEO spot in December and replaced with Ace Ltd.'s Brian Duperreault in January. The insurance broker, which posted a loss during the first quarter, had been hurting even before the credit crisis _ a 2004 investigation by former New York Attorney General Eliot Spitzer led to big fine and erased a significant source of revenue.

_ Bear Stearns Cos.' James Cayne got stripped of the CEO title in January and was replaced by the firm's president, Alan Schwartz. Cayne kept his role as chairman, but the investment bank, on the brink of collapse, was bought by JPMorgan Chase & Co. in March.

_ Ambac Financial Group Inc.'s Robert Genader left his post abruptly in January, and was replaced by Michael Callen, one of Ambac's board members. Ambac has reported three consecutive quarters of losses.

_ MBIA Inc.'s Gary Dunton stepped down in February, after the bond insurer posted a loss for the fourth quarter. The company has since replaced him with former CEO Joseph Brown, and has posted another quarterly loss.

_ Wachovia Corp.'s Ken Thompson was ousted as CEO earlier this month, after serving in that role for about eight years and working at the bank for 32 years. Chairman Lanty Smith has replaced Thompson on an interim basis. Wachovia appeared to be faring relatively well amid the credit crisis until this spring, when the bank warned that it would post a loss for the first quarter.

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