Merrill Lynch President Adds Duties of CEO

Merrill Lynch & Co., the country’s largest brokerage, said Monday that President and Chief Operating Officer Daniel P. Tully will assume the additional role of chief executive May 1, replacing William Schreyer.

Schreyer will resign as chairman June 28, 1993, but will continue as chairman of the board’s executive committee and finance committee.

The company has not yet named a replacement for Schreyer as chairman.

Tully, 60, said he anticipates little change in management style, noting that he and Schreyer had been “partners for many, many years in both strategy and operations.”

Schreyer, 64, has been chief executive of the brokerage firm since 1984. Upon retirement, he will have completed 45 years with Merrill Lynch.

Merrill Lynch, the leading U.S. and global underwriter of debt and equity securities for the fourth consecutive year in 1991, earned $696 million last year.