Bear Stearns Confirms Warren Spector Resigns >BSC

DOW JONES NEWSWIRES

Bear Stearns Cos . (BSC), blaming the recent collapse of two mortgage-backedfunds, confirmed the departure of Warren J. Spector, who resigned as presidentand co-chief operting officer.

The company said on Sunday that named Alan D. Schwartz will serve as its solepresident and Samuel L. Molinaro Jr. as chief operating officer in addition tohis current duties as chief financial officer.

Bear Stearns also appointed Jeffrey Mayer, co-head of the Fixed IncomeDivision, to the company's executive committee.

"I am leaving with nothing but the highest respect and regard for Bear Stearns and all the talented professionals with whom I have been privileged to work,"Spector said in a press release.

-Freddy Sebastian; 201-938-5400; AskNewswires@dowjones.com

(END) Dow Jones Newswires 08-05-07 1731ET Copyright (c) 2007 Dow Jones & Company, Inc.

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