Bear Stearns Picks President, Vice Chairman

Bear Stearns Cos. has elected E. John Rosenwald Jr. vice chairman and James E. Cayne president.

Bear Stearns, a publicly traded financial company, is the parent of Bear, Stearns & Co., a major investment and brokerage firm. Both positions, which are new, will apply to both the parent company and the brokerage subsidiary.

Both men will continue as members of the board and executive committee of the parent and as senior managing directors of Bear, Stearns & Co. Rosenwald and Cayne have been members of the office of the president since October, 1985, when Bear Stearns became a public company, but that office has been eliminated.

Rosenwald, 58, has headed the company’s corporate finance department since 1976 and is the senior investment banker in the department. He joined Bear Stearns in 1954, first as a research analyst and later in its international department.

Rosenwald headed institutional sales for 20 years before moving to corporate finance. He became a general partner of Bear Stearns in 1962.

Cayne, 54, is manager of the company’s U.S. branch system and is responsible for individual investor sales. He started at Bear Stearns in 1969 as a salesman for individual investors and became a general partner in 1973, building the retail business into a major division.

The chairman and chief executive of Bear Stearns Cos. is Alan C. Greenberg; the executive vice president and chief operating officer is Alvin H. Einbender.