Merrill Lynch has appointed Adam Horowitz as the new chief executive for the company's South African operation.
The former deputy CEO of Merrill Lynch South Africa (MLSA), assumed his new title for the region on July 1, and is reporting to Michael Marks, executive chairman of Merrill Lynch Europe, Middle East and Africa.
Former chief executive Sidney Rebe is to retire at the end of September 2001 to spend more time with his family. During the coming months, he will work with Horowitz to ensure the orderly transition of all client and Merrill Lynch-related activities in SA.
Horowitz joined Merrill Lynch’s Smith Borkum Hare in 1995 as director of the South African New York sales desk. In 1998, following the purchase of Smith Borkum Hare by Merrill Lynch, he took responsibility for emerging market sales before being posted to South Africa as the firm's deputy CEO in 2000.
Rebe joined Davis Borkum Hare in 1967 and became a partner of the firm in 1977. In 1994, he moved to New York to manage the South African equity trading operation of Smith Borkum Hare. In 1997, Rebe rejoined MLSA as co-CEO. He became sole CEO of the operation in 1998. Rebe will continue to act as a non-executive director on the board of MLSA.
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