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 October 31, 2007 The High Cost of Going Outside for a CEOLaurence D. Fink is being mentioned as a top candidate to succeed E. Stanley O’Neal as CEO of Merrill Lynch. The New York Times reports this morning that Fink would not come cheap. Going outside to find a successor for corporate leadership often drives the price up.
Fink would bring a strong track record as the
leader of BlackRock, the asset management firm he founded in 1988 and merged
with Merrill’s asset management arm in 2006, as well as blend of banking and
trading acumen. If the history of hiring
outsiders offers any guidance, it could take more than $32 million for
Merrill’s board to bring him there, according to an analysis by James F. Reda
& Associates, an independent compensation consulting firm, for the NYT’s DealBook.
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