John Thain used his first day as chief executive of Merrill Lynch to appoint Nelson Chai, his chief financial officer at NYSE Euro-next, as executive vicepresident and chief financial officer at Merrill Lynch.

Yesterday's move, which had been expected, marks a stellar ascent for Mr Chai, 42, who became chief financial officer of the New York Stock Exchange following the reverse takeover of Archipelago and the NYSE in 2005, taking the Big Board public in the process. The affable Mr Chai, who is known for his good sense of humour and laidback demeanour, succeeds Jeff Edwards, who has been Merrill's chief financial officer since 2005.