Late this afternoon Merrill Lynch (NYSE:MER) named NYSE head John Thain its new chairman and CEO. Thain's first day on the job is December 1st. Thain will be taking over for the departed Stanley O'Neal who left after announcing an $8 billion write down the company would be incurring. Mr. Thain has a history of being one of the brightest minds in the investment banking industry. His roots come from 
Goldman Sachs Group (NYSE:GS) where he started at the bond desk and left as the president and COO.
Since 2004 Thain has led the NYSE and he has certainly left an impression on the company as well as the marketplace. NYSE Euronext (NYSE:NYX) is in the process of becoming a global stock exchange, and Thain was at the head of this global turn for the NYSE. By taking the NYSE global Thain succeeded both in turning his company into a fast grower and changing the marketplace throughout the world.
Thain will take over a company in Merrill Lynch that is certainly under a lot of heat from investors and the entire street to get things turned around. Mr. Thain said he believes the majority of Merrill's businesses are still running very well and that he is extremely confident that the areas that need attention can be fixed. He also believes his background at Goldman Sachs's mortgage area gives him some good experience dealing with these mortgage areas.
John Thain is clearly an innovative thinker who has proved that he thinks globally. Merrill Lynch appears to be getting a great leader. Sure Merrill has seen better days, but with a new CEO like Thain, I wouldn't bet against the company coming back stronger than ever.
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