He follows Merrill’s chief executive John Thain’s recent jump to the bank from the exchange in November. "Nelson was a key advisor to me and the board of directors at NYSE. I am very confident he will be a welcome and important contributor to our success at Merrill Lynch,” says Thain.
Chai succeeds Jeffrey Edwards, who had been the company's CFO since 2005. Edwards will assume a new operating role at Merrill Lynch, which the bank has not yet announced.