Congratulations, Stan O'Neal. You are now exactly $161.5 Million dollars wealthier.
Yes, I said congratulations...and I genuinely meant it.
I understand that Mr. O'Neal was oftentimes hard to work with. He allegedly was moody, and equally unpredictable/unkind to loyalists and detractors. He also worked extremely independently, and kept his own counsel - case in point - Mr. O'Neal's private discussions with the CEO of Wachovia about the potential sale of Merrill to Wachovia without ever informing key stakeholders at Merrill about his strategy (really, Stan - you told no one?!!!).
I also understand that there are many, many valuable and arguably better uses of $161.5 Million dollars - e.g. helping to alleviate world hunger, funding much needed medical research, contributing to scholarship programs, etc. - than lining the pockets of an already very wealthy individual.
However, Mr. O'Neal worked hard for the money. Running Merrill was not about winning a popularity contest. Which leadership position is? You will always have naysayers. Always. And, Mr. O'Neal delivered. Just look at his 21-year track record at the company. He turned that firm around. As per The Wall Street Journal, Mr. O'Neal more than doubled Merrill's profit level to an average topping $5Bn annually from 2003 to 2006, and he essentially was credited with transforming Merrill from a US focused retail broker to an international financial giant.
Give credit where it is due. Mr. O'Neal has had a stellar career. He had a major fumble recently, but what accomplished leader hasn't? Yes, he probably ought to leave the firm. Yes, he probably unnecessarily created enemies along the way. However, let's not begrudge him his pay package. Stan deserved to make bank. He worked real hard for the money.
For additional details on the Stan O'Neal saga see:
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