Stanley O'Neal facts for kids
Quick facts for kids
E. Stanley O'Neal
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| Born | October 7, 1951 Roanoke, Alabama, United States
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| Education | B.S. in Industrial Administration M.B.A in Finance |
| Alma mater | General Motors Institute Harvard Business School |
| Employer | General Motors Merrill Lynch |
| Board member of | Arconic Platform Specialty Products Corporation |
| Spouse(s) | Nancy Garvey |
| Children | 2 |
Earnest Stanley O'Neal, born on October 7, 1951, is an American business leader. He was the top boss, known as the Chairman and CEO, of a big financial company called Merrill Lynch from 2003 to 2007. Before becoming CEO, he held many important jobs there. During his time as CEO, Merrill Lynch faced big financial problems. This led to him leaving his job in 2007. Later, Merrill Lynch was sold to another company, Bank of America. For many years before O'Neal became CEO, Merrill Lynch was a very successful independent company.
In 2002, Fortune magazine called O'Neal the "Most Powerful Black Executive in America." He also served on the board of directors for General Motors and Alcoa, which are large companies.
Contents
Early Life and Education
Earnest Stanley O’Neal was born in Roanoke, Alabama. His family was not wealthy. His grandfather had been a former slave. Stanley was the oldest child of Earnest O’Neal, a farmer, and Ann Scales, who worked in homes.
When he was very young, Stanley lived on his grandfather's farm. He helped by picking cotton and corn. He also delivered and sold newspapers.
Moving to Atlanta
His family's situation got better when Stanley's father found a job at the General Motors (GM) factory. His father moved the family from Wedowee, Alabama, to Atlanta. There, he worked on a GM assembly line, helping to build cars.
As a teenager, Stan O'Neal also worked briefly on GM's assembly line. This was part of a special work-study program. He attended the General Motors Institute (now called Kettering University). In 1974, he earned a degree in industrial administration.
GM later gave O'Neal a scholarship to attend Harvard Business School. He earned his MBA (Master of Business Administration) in 1978. After that, he returned to GM to work as a Treasury Analyst.
Career Highlights
Stanley O'Neal started his career as an analyst for General Motors. Within two years, he became a director in the company's treasury division.
Working at Merrill Lynch
In 1986, O'Neal joined Merrill Lynch, a major financial firm. By the early 1990s, he was in charge of Merrill's leveraged finance division. He then held other important roles, like global head of capital markets. From 1998 to 2000, he was the Chief Financial Officer (CFO).
In 2000, he became president of the U.S. Private Client Group. This group managed Merrill's brokerage business. He was the first person to lead this division who had not been a broker himself. During this time, O'Neal made big changes, including reducing the number of employees.
Becoming CEO
O'Neal became president of Merrill Lynch in 2001. By 2003, he was named the Chief Executive Officer (CEO) and Chairman. This made him one of the first African Americans to hold such a high position on Wall Street.
As CEO, O'Neal wanted to change Merrill Lynch's culture. He aimed to make it more focused on trading and competing with other big firms like Goldman Sachs. He also wanted to move away from the idea of "job security" and instead reward people based on their performance.
Financial Challenges and Departure
Merrill Lynch started to face major financial problems. The company had invested a lot in risky loans, especially in the subprime mortgage market. Some experts within the company warned against these risks. However, their warnings were not always heard.
As the financial crisis grew in 2007, Merrill Lynch announced huge losses. O'Neal realized the company was in deep trouble. He tried to arrange a merger with other banks, like Bank of America. However, he did this without getting approval from Merrill's Board of Directors first. This led to his resignation on October 30, 2007. He left with a large severance package.
After Merrill Lynch
After O'Neal left, John Thain took over as CEO. However, the financial markets continued to struggle in 2008. Merrill Lynch was eventually merged with Bank of America in September 2008.
In January 2008, O'Neal was named to the board of directors of Alcoa, a large aluminum company.
Some people have described O'Neal as having a strong personality. He is also included in some lists of "Worst American CEOs of All Time" due to Merrill Lynch's financial struggles during his leadership.
Images for kids
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Stanley O'Neal speaking
