Merrill Lynch & Co. chief executive E. Stanley O'Neal announced his retirement today following a three day drama surrounding his future after the firm announced a nearly $8 billion writedown in the value of its securities as a result of subprime and credit markets. The ex-CEO also angered board members when he approached Wachovia Corp about a possible merger without board authorization.

"We would like to thank Stan for the contribution he has made leading a major transformation of Merrill Lynch into a global and diversified company with enormous potential ahead of it," Cribiore said in a statement. "His commitment to the company, its clients, shareholders and employees has never wavered and the company will reap tremendous benefits in the future from his work."

Alberto Cribiore has been appointed as interim chairman and will also chair a committee that will evaluate other CEO candidates. Merrill presidents and COOs Ahmass Fakahany and Gregory Fleming will run the company while a search is conducted. And with a possible $4 billion in additional writedowns, they may have their work cut out for them.