Merrill Lynch & Co. said Tuesday that it hired James P. Gorman as an executive vice president and chief marketing officer.

Mr. Gorman, 40, is set to join Merrill July 19 from McKinsey & Co., a management consulting firm in New York, where he had been a partner since 1997 and a member of the firm's financial institutions practice for 12 years. During his tenure at McKinsey, Mr. Gorman worked extensively with Merrill, helping it develop its recently announced U.S. private client initiatives, including its planned Internet strategy.

Mr. Gorman will report directly to David H. Komansky, Merrill's chairman and chief executive officer, and Herbert M. Allison Jr., its president and chief operating officer, a spokesman said.

The newly created position is designed to help Merrill navigate the changing world of financial services, the spokesman said.

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