December 3, 2007
Merrill Lynch & Co. Monday named Nelson Chai executive vice president and chief financial officer.
Chai has been executive vice president and CFO of NYSE Euronext and its predecessor company NYSE Group, Inc., since January 2006 and was CFO of Archipelago Holdings from 2000 to 2005. He will officially join Merrill in one week, on December 10.
Prior to joining Archipelago in June 2000, Chai was senior vice president of business development and a member of the executive committee of Dade Behring, Inc., a manufacturer of medical diagnostics products.
Chai succeeds Jeffrey N. Edwards, who has been Merrill's CFO since 2005. Edwards, who was responsible for the firm's market and credit risk management — including the collateralized debt obligation portfolio that accounted for much of the firm's losses — reportedly offered to resign after CEO Stan O'Neal was ousted in October, but the board declined his offer. The company said he will assume a new operating role at Merrill Lynch, to be announced shortly.