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John_Thain

John Thain

John Alexander Thain (born May 26, 1955) is the current president of global banking, securities, and wealth management at Bank of America. He was also the last chairman and chief executive officer of Merrill Lynch before its acquisition by Bank of America for $50 billion. The Associated Press identified him as the best-paid CEO in 2007, among S&P 500 companies.

Career

Previously, Mr. Thain held management positions at: the New York Stock Exchange (CEO), and Goldman Sachs (President, Chief Operating Officer, Chief Financial Officer). He amassed $300 million in Goldman stock. It was widely believed that Mr. Thain was also a front runner to head Citigroup. Merrill Lynch and Citigroup sought new leaders following the sudden departure of their former CEOs due to disappointing Q3 2007 earnings reports.

Thain will be president of Global Banking, Securities and Wealth Management, a new division of Bank of America that will include its corporate and investment bank and most of its wealth and investment-management business once the merger is completed.

Compensation

In December 2003 NYSE interim Chairman John Reed, told The Wall Street Journal that Thain would be paid "a plain vanilla number" - about $4 million a year, including bonuses, with no "strange retirement" programs like former CEO Dick Grasso was paid.

Merrill Lynch announced that Mr. Thain will receive at least $50 million per year in compensation and could achieve as much as $120 million per year, depending on the company's stock price. Based on a formula by the Associated Press, in 2007 Thain was the best-paid CEO among the S&P 500 companies, receiving $83.1 million.

Memberships

Mr. Thain's memberships include:

He serves as a governor at the New York-Presbyterian Foundation, Inc.

Political donations

John Thain donated $332,950 to politically affilated groups/individuals: $208,000 to Republicans, $16,000 to Democrats, and $108,750 to special interest groups.

Personal life

Thain was born in the United States and grew up in Antioch, Illinois. He earned a bachelor's degree in electrical engineering from MIT in 1977 and an MBA from Harvard Business School in 1979. While attending MIT, John joined the Delta Upsilon Fraternity.

Thain's son Alex also attended MIT. His daughter, Nicole, graduated from Yale University and his second daughter, Victoria, is an undergraduate at Duke University.

References

External links

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