Merrill Lynch Announces Executive Management Changes: John L. Steffens Becomes Chairman of U.S. Private Client Group; E. Stanley O'Neal Named President of U.S. Private Client Group; Thomas H. Patrick Named Chief Financial Officer

Feb 14, 2000, 00:00 ET from Merrill Lynch & Co., Inc.

    NEW YORK, Feb. 14 /PRNewswire/ -- Merrill Lynch & Co., Inc. (NYSE:   MER)
 today announced executive management changes it said would continue to
 accelerate progress on key strategic initiatives, including those aimed at
 taking advantage of financial services reform and worldwide growth
 opportunities presented by e-commerce and the Internet.
     John L. (Launny) Steffens, Vice Chairman of Merrill Lynch & Co., Inc., who
 has guided the spectacular growth of the U.S. Private Client business since
 1985, will become Chairman of U.S. Private Client and also will devote a
 significant amount of time to his broader, companywide management
 responsibilities as a member of Merrill Lynch's three-person Executive
 Committee of the Board of Directors, on which he currently serves.  This
 Executive Committee is responsible for overseeing the corporation's global
 business activities and consists of the three employee members of the Board.
 The other members are Chairman and Chief Executive Officer David H. Komansky
 and Vice Chairman Stephen L. Hammerman.
     E. Stanley O'Neal, Executive Vice President and Chief Financial Officer,
 will succeed Mr. Steffens as President of the U.S. Private Client Group.
     Thomas H. Patrick, Executive Vice President and Chairman, Special Advisory
 Services, will succeed Mr. O'Neal as Chief Financial Officer.
     "The passage of financial services reform and the Internet revolution
 create vast new opportunities for Merrill Lynch," said Mr. Komansky.  "With
 the highly successful introduction of our comprehensive new platform of choice
 for U.S. investors, Launny can now devote his enormous talents and energy to
 the next wave of strategic development both for Private Client and Merrill
 Lynch-at-large.  In Stan and Tom we have outstanding executives who are ready
 to assume these new roles.  This is a perfect time for these changes."
     Among his new responsibilities as Vice Chairman of Merrill Lynch, Mr.
 Steffens, 58, will be the senior executive relationship manager for companies
 and high net worth individuals in the technology, telecommunications, and
 biotechnology sectors.
     Mr. Steffens also will focus on the company's global banking strategy.
 With the passage of financial services reform in the U.S. and the advance of
 deregulation globally, Mr. Steffens will oversee the coordination of efforts
 to create banking products and services that will enable the company to better
 serve its clients worldwide.
     Additionally, Mr. Steffens will guide company-wide initiatives to
 significantly expand the firm's activities in the area of private equity,
 including the company's direct investments.
     "Launny Steffens is widely regarded as a visionary in financial services,"
 said Mr. Komansky.  "The best measure of his extraordinary leadership is the
 fact that assets entrusted to Merrill Lynch by our U.S. clients have risen to
 $1.3 trillion from $189 billion in 1985."
     During 1999, Mr. Steffens led the design and launch of a new business
 model in U.S. Private Client, offering an unprecedented array of choices to
 Merrill Lynch clients, including robust Internet channels.  This new offering
 has accelerated the growth of client assets, and the company took in a record
 $36 billion of new client assets during the fourth quarter of 1999.
     "Launny's intellect and drive are legendary, and have long influenced the
 firm's global business strategies," said Mr. Komansky.  "In his new role, he
 will be in position to contribute even more broadly to the future success of
 Merrill Lynch."
     E. Stanley O'Neal Named President, U.S. Private Client Group
     Succeeding Mr. Steffens as President of U.S. Private Client is E. Stanley
 O'Neal, 48, who has served as Chief Financial Officer since 1998.  He was
 elected an Executive Vice President in 1997 when he was named Co-Head of the
 Corporate and Institutional Client Group.
     "Stan O'Neal brings exceptional leadership skills, strategic ability and
 proven business acumen to U.S. Private Client," said Mr. Komansky.  "He is
 ideally suited to lead the premier retail brokerage network in the world."
     Mr. Steffens said, "Having spent most of his career at Merrill Lynch
 working directly with clients, Stan O'Neal understands that the essence of our
 business is the client relationship, and that the role our Financial
 Consultants play is at the very heart of our success.  I look forward to
 working with him to advance our great franchise."
     Mr. O'Neal joined Merrill Lynch's Investment Banking group in 1986, with
 client responsibilities in a variety of areas, including high yield, project
 finance and equity private placement.  He headed the Capital Markets Group,
 working with clients worldwide on debt and equity new issues, and the Investor
 Strategies Group (ISG), which provides specialized portfolio consulting and
 investment advisory services to institutional clients.
     The U.S. Private Client business includes 14,200 Financial Consultants and
 more than 700 branch offices.  The Group serves individuals, small businesses
 and employee benefit plans, using a planning-based approach to provide asset,
 liability and transition management services.
     Thomas H. Patrick Named Chief Financial Officer
     Mr. O'Neal will be succeeded as Chief Financial Officer by Thomas H.
 Patrick, Executive Vice President and Chairman, Special Advisory Services.
 Mr. Patrick, 56, previously served as CFO in 1989 and 1990.  Mr. Patrick
 headed the Merrill Lynch Insurance Group from 1990 to 1992 and Equity Markets
 from 1992 to 1994.  He currently serves as one of the company's senior-most
 investment bankers, responsible for relationships with selected corporate
 clients.  He joined Merrill Lynch in 1978 with the acquisition of investment
 bank White, Weld & Co.
     "Tom Patrick is a seasoned executive, who has served as an innovative and
 trusted financial advisor, both within Merrill Lynch and on behalf of our
 clients, " said Mr. Komansky.  "Tom's previous management experience as Chief
 Financial Officer and in other capacities enables him to assume immediate
 responsibility for the company's financial management activities."
     Mr. Patrick has had wide experience in the financial services industry,
 including commercial banking, investment banking and insurance.  He has
 advised numerous major corporations on financing strategy, structure and
 techniques.  He was co-inventor of Merrill Lynch's proprietary LYONS(TM)
 product, and introduced many corporate issuers to its advantages.
     The Chief Financial Officer oversees these functions: Corporate Audit,
 Corporate Services, Corporate Risk Management, Finance, Investor Relations,
 Tax and Treasury functions.

SOURCE Merrill Lynch & Co., Inc.