James Cayne to step down as Bear Stearns CEO
Jan 10, 2008
Movers and Shakers
The US subprime mortgage crisis claimed another high profile victim as New York based Bear Stearns said James Cayne is to step down as CEO. The company suffered the first loss since it’s inception in 1923.
Cayne will now function as Non-Executive Chairman, and this would be purely in an advisory capacity to his successor, the current President Alan Schwartz.
This follows the exits of other biggies, Stan O’Neal from Merrill Lynch and Chuck Prince from Citigroup.
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