While I may not be the sharpest tool in the shed, but before making a major decision I always make sure to consult with higher ups. Well, it appears that Merrill Lynch Chief Executive Stan O'Neal doesn't follow that rule to live by. MER's Chief Executive discussed the possibility of a merger with Wachovia , but he didn't receive the okay from the company's board of directors. This move has sparked anger from the board, and a published report in the New York Times (citing people familiar with the matter) notes that it may cost the CEO his job. In fact, the report notes that the board even discussed potential replacements for O'Neal. Judging by the board's reaction, I wouldn't look for a merger announcement any time soon.
This latest issue isn't the only 1 that O'Neal faces, the CEO is under pressure as well after it reported a larger-than-expected quarterly loss thanks to subprime mortgages and collateralized debt obligations. Some media outlets are suggesting that O'Neal could be out of the picture by Monday. Have a great weekend Stan!