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Monday, October 12, 2009

Krawcheck Joins BlackRock's Board

by: Daniel Tovrov

Sallie Krawcheck, who joined Bank of America in August as president of global wealth and investment management, and Mark Linsz, corporate treasurer for Bank of America, have joined BlackRock's board.

Sallie Krawcheck
Bank of America
President, Global Wealth and Investment Mgt
The appointees fill two seats vacated by Brian Moynihan and Daniel Sontag. BlackRock's board has 16 members, 10 of whom are independent.

Under the terms of BlackRock’s stockholder agreement, Merrill Lynch may designate two directors to BlackRock’s board.
Company Press Release

NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK - News) today announced that Sallie L. Krawcheck, President of Global Wealth & Investment Management for Bank of America Corporation, and Mark D. Linsz, Corporate Treasurer for Bank of America Corporation, have joined the Company’s Board of Directors.

“We are very pleased to welcome Sallie and Mark as Board members and look forward to the new business perspectives and talents each of them brings to the Company,” commented Laurence D. Fink, Chairman and CEO of BlackRock.

The appointments of Ms. Krawcheck and Mr. Linsz fill two seats vacated by Brian T. Moynihan and Daniel C. Sontag who have stepped down from the Board.

Under the terms of BlackRock’s stockholder agreement with Merrill Lynch, Merrill Lynch may designate two directors to BlackRock’s Board of Directors. Bank of America completed its purchase of Merrill Lynch in January 2009. BlackRock’s Board of Directors has 16 members, ten of whom are independent and not affiliated with the Company. Biographical information on each of the new directors is provided below and additional information can be found on the “Investor Relations” section of www.blackrock.com.

Sallie L. Krawcheck: Ms. Krawcheck, 44, is President of Global Wealth & Investment Management for Bank of America, one of the largest wealth management businesses in the world with nearly 19,000 advisors across the entire wealth spectrum and $1.9 trillion in total client assets. The Global Wealth & Investment Management business provides comprehensive wealth management to affluent, mass affluent, high net worth and ultra high net worth clients, individual and institutional retirement plans, and philanthropic management. Prior to joining Bank of America, Ms. Krawcheck was Chief Executive Officer and Chairman for Citi Global Wealth Management, responsible for the Citi Private Bank, Citi Smith Barney and Citi Investment Research. Ms. Krawcheck joined Citi in October 2002 as Chairman and Chief Executive Officer of Smith Barney. In 2004, she was appointed Chief Financial Officer and head of Strategy for Citigroup Inc. Prior to joining Citi, Ms. Krawcheck was Chairman and Chief Executive Officer of Sanford C. Bernstein & Company.

Mark D. Linsz: Mr. Linsz, 45, is Corporate Treasurer for Bank of America. Mr. Linsz has responsibility for the core treasury functions for funding of the company, maintaining a strong capital and liquidity position and managing interest rate risk. As Treasurer, Mr. Linsz forecasts the level of net interest income, calculates the economic capital required by each of the company’s activities and manages the company’s relationship with credit rating agencies. Previously, Mr. Linsz served as Global Markets Risk Management Executive and Chief Risk officer for Europe, the Middle East, Africa (EMEA) and Asia. In these roles, Mr. Linsz was responsible for leading a comprehensive, integrated strategy for managing credit, market and operational risks. Mr. Linsz began his career with Chicago Research and Trading Group (CRT) in 1987. Prior to being purchased by NationsBank, he was the head of Market Risk for CRT and continued these responsibilities at NationsBanc-CRT. In 1998, Linsz moved to Hong Kong to be the Market Risk manager for Asia. Several years later, he managed the Global Corporate and Investment Banking Compliance Group as Chief Compliance Officer, ensuring that comprehensive compliance programs were in place to mitigate compliance risk.

About BlackRock

BlackRock is one of the world’s largest publicly traded investment management firms. At June 30, 2009, BlackRock’s assets under management were $1.373 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions® investment system, risk management and financial advisory services. The firm is headquartered in New York City and has employees in 21 countries throughout the U.S., Europe and Asia Pacific. For additional information, please visit the firm's website at www.blackrock.com.
 

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