In naming insider Alan Schwartz as its new chief executive officer, Bear Stearns Cos. is pursuing a different course than other firms that replaced their leaders after suffering subprime mortgage losses.
Schwartz, an executive with more than 30 years of experience at Bear Stearns, was the hand-picked choice of his predecessor, James “Jimmy” Cayne, 73, who remains as non-executive chairman. Other firms such as Merrill Lynch & Co. and Citigroup Inc. sent their CEOs packing and named replacements with extensive experience elsewhere.
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