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EVP Arshad Zakaria, President of Global Markets & Investment Banking, to Retire From Merrill Lynch at Year-End; Will Serve as Chairman of GMI Through Transition
Greg Fleming and Dow Kim Named GMI Co-Heads
NEW YORK, August 6, 2003 — Merrill Lynch (NYSE: MER) today said that Executive Vice President Arshad Zakaria, president of Global Markets & Investment Banking (GMI), has decided to retire from the firm at year-end and in the interim will assume a new role as chairman, GMI, assisting in an orderly transition in management of the group.
The company said that Greg Fleming, co-head of the Financial Institutions Group of Global Investment Banking, and Dow Kim, head of Global Debt Markets, have been named co-heads of GMI. Both appointments are effective immediately. They will report jointly to Stan O'Neal, chairman and chief executive officer.
Mr. Zakaria has held a succession of senior roles at Merrill Lynch, including serving as head of corporate finance and then as senior vice president, corporate risk management, before becoming president of GMI in October 2001.
"In 16 years with Merrill Lynch, Arshad Zakaria has made many major contributions to our success in the institutional markets," said Mr. O'Neal. "Under his leadership during the past two years, the GMI franchise has been significantly strengthened, as reflected in its exceptional first-half performance. I am sorry to see him go, but pleased that he will be available to Greg, Dow and myself in ensuring the smoothest possible transition."
"It has been a great privilege to be part of Merrill Lynch during these past 16 years," said Mr. Zakaria. "I feel very confident in the future of Merrill Lynch under the leadership of Stan O'Neal, and in the future of GMI with Greg and Dow at the helm."
As co-heads, Mr. Fleming, 40, will be responsible for all origination activities, including global investment banking, and Mr. Kim, 40, will be responsible for the global debt and equity businesses.
Mr. Fleming joined Merrill Lynch's investment banking group in 1992, rising through a succession of positions to his current role as co-head of financial institutions. Since January of this year, he also has served as chief operating officer of Global Investment Banking. Prior to joining Merrill Lynch, he was a principal at Booz, Allen & Hamilton, the management consulting firm. Mr. Fleming, a native of Hopewell Junction, New York, earned a juris doctor degree from Yale Law School in 1988 and was graduated summa cum laude with a bachelor's degree in economics from Colgate University in 1985.
Mr. Kim has extensive experience working in the debt markets for 18 years and joined Merrill Lynch in 1994. He has held a succession of management positions in debt markets in the United States and Asia, having served as head of global debt derivatives sales and trading, head of Japan debt markets, and head of Japan debt and equity derivatives. Prior to joining Merrill Lynch, he worked for Chemical Bank and Manufacturers Hanover where he held positions in foreign exchange, derivatives and commercial banking. Mr. Kim, a native of Seoul, Republic of South Korea, received a bachelor's degree in accounting and finance in 1984 and an MBA in 1990 from the Wharton School.
"We're fortunate to have substantial breadth and depth of management talent, and I am very confident in the abilities of Greg and Dow to provide overall leadership to the group," said Mr. O'Neal. "Greg is highly respected for his investment banking and client relationship skills and has been instrumental in building one of the world's leading franchises in the financial institutions area, advising on such landmark transactions as Neuberger Berman's recent sale to Lehman Brothers and First Union Corporation's merger with Wachovia.
"Dow Kim has an outstanding and consistent track record of success in leading debt markets operations around the world," said Mr. O'Neal. "For almost two years, Dow has provided exceptional leadership in building the debt markets business and dramatically diversifying its revenue base."
Merrill Lynch is one of the world's leading financial management and advisory companies, with offices in 36 countries and total client assets of approximately $1.4 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets, with assets under management of $471 billion. For more information on Merrill Lynch, please visit www.ml.com.
Contact:
Jessica Oppenheim 212.449.2107
Joppenheim@exchange.ml.com