John Thain

Infobox Person
name = John Thain

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caption = Thain in 2006.
birth_name = John Alexander Thain
birth_date = birth date and age|mf=yes|1955|5|26
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occupation = president of global banking, securities, and wealth management at Bank of America
home_town = Antioch, IL
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salary = $83.1 millioncite web |url=http://ap.google.com/article/ALeqM5joqFL0xgMcnWcdP4piX5YpeBwh7wD91AMG903 |title=List of highest-paid CEOs in 2007 |accessdate=2008-06-20 |work=Associated Press |publisher=ap.google.com |date=2008-06 |quote=The total pay figures are rounded, and are based on the AP's compensation formula, which adds up salary, perks, bonuses, above-market interest on pay set aside for later, and company estimates for the value of stock options and stock awards on the day they were granted last year.]
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boards = INSEAD, MIT Sloan School of Management, National Urban League
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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. [ [http://www.businessweek.com/bwdaily/dnflash/content/nov2007/db2007112_107657.htm John Thain to Head Citi? ] ] [ [http://www.iht.com/articles/ap/2007/11/14/business/NA-FIN-COM-US-Citigroup-CEO.php John Thain, taking over Merrill's helm, is no longer a prospect for the leaderless Citigroup - International Herald Tribune ] ] [ [http://www.nypost.com/seven/11142007/business/citi_snub__thain_going_to_merrill_449137.htm Citi Snub: Thain Going To Merrill - New York Post ] ] Merrill Lynch and Citigroup sought new leaders following the sudden departure of their former CEOs due to disappointing Q3 2007 earnings reports. [ [http://www.iht.com/articles/2007/11/04/business/merrill.php At Merrill Lynch, accountability for a record loss on Wall Street - International Herald Tribune ] ] [ [http://www.telegram.com/article/20071106/NEWS/711060338/1002/BUSINESS Worcester Telegram & Gazette News ] ]

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. [http://www.boston.com/business/ticker/2008/10/merrills_john_t.html]

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:
*MIT Corporation, Dean's Advisory Council – MIT Sloan School of Management,
*INSEAD – U.S. National Advisory Board,
*James Madison Council of the Library of Congress,
*Federal Reserve Bank of New York's International Capital Markets Advisory Committee [ [http://www.newyorkfed.org/ Federal Reserve Bank Of New York ] ] ,
*French-American Foundation [ [http://www.frenchamerican.org/ French American Foundation aims to strengthen the French American relationship ] ] ,
* Board of Trustees of the National Urban League, and
*the Trilateral Commission [ [http://www.forbes.com/2003/12/19/cx_da_1219topnews.html Goldman's Thain Trades Money For Fame - Forbes.com ] ]

He serves as a governor at the New York-Presbyterian Foundation, Inc. [ [http://www.presbyterianfoundation.org/ Presbyterian Foundation ] ]

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. [ [http://www.newsmeat.com/ceo_political_donations/John_Thain.php NEWSMEAT ▷ John Thain's Federal Campaign Contribution Report ] ]

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

* [http://www.ml.com/index.asp?id=7695_7696_8149_74412_84736_85585 Merrill Lynch Press Release: John A. Thain Named Chairman and Chief Executive Officer] , from the company's website