Merrill Lynch & Co. Inc. announced Wednesday that it had promoted Ahmass Fakahany and Gregory Fleming to the new post of co-president.
Mr. Fakahany, 48, was the New York company's vice chairman and chief administrative officer, and Mr. Fleming, 44, was an executive vice president and co-president of the company's global markets and investment banking group.
Mr. Fakahany joined Merrill Lynch in 1987 and was named vice chairman and chief administrative officer in 2005. Mr. Fleming joined the company in 1992 and was named to his current post in August 2003.
Jessica Oppenheim, a spokeswoman for Merrill Lynch, said the company decided to promote the two executives after a third senior executive, Dow Kim, who had been a global markets and investment banking co-president alongside Mr. Fleming, announced he would leave the company by yearend to set up a multistrategy hedge fund.
Merrill Lynch had $1.6 trillion of assets under management at March 31.
