This morning closed an era at Merrill Lynch. David Komansky turned in his resignation after 35 years at the firm. The 64-year-old ex-marine, who ushered Merrill into the modern financial era via the creation of the cash management account, used the occasion of the firm's annual meeting to formally step down this morning from the top post he held since 1996.

"This past year was a difficult year to be in business for our company, our clients and our industry," Komansky told shareholders at the meeting.

Stan O'Neal, the 51-year-old heir apparent since mid-2001 when he became president and chief operating officer, is taking his place. That appointment ushered in a wave of changes at the firm, including a near complete shakeup in its top executive ranks and nearly 15,000 layoffs. O'Neil became CEO last December and takes over the nation's largest wirehouse and more than 50,000 employees.  

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