Our story stock from a couple of days ago is back in the news again, this time because of executive changes. In the wake of the fixed-income hedge fund troubles at Bear Stearns, co-President and co-Chief Operating Officer Warren Spector resigned. Alan Schwarz becomes the sole President at Bear Stearns effectively immediately. 
The man who made so many headlines on Friday with the very negative conference call, Samuel Molinaro Jr. will assume the role of chief operating officer in addition to his current role of chief financial officer. The changes at Bear Stearns do not come as a surprise, and it had been widely reported that Bear Stearns CEO James Cayne asked Spector to resign.
If the fixed-income market is as bad as Molinaro said it is, expect there to be more executive changes in this area in the months ahead. Bear Stearns won't be the only investment bank to feel the pain of such a rough fixed-income market.
If you haven't read the relating article about Bear Stearns being our story stock of the day on Friday, you can find it here.
» Executive Changes at Bear Stearns from BizzBites.com
Bear Stearns is back in the headlines. Executive changes are now here at Bear Stearns. [Read More]
Tracked on: August 6, 2007 10:52 AM | Permalink to Trackback