Merrill Lynch & Co. has announced several management changes. Thomas Davis, president of the firm's Corporate and Institutional Client Group (CICG), will become a vice chairman of Merrill and will lead an expanded private equity business. He will also now serve as head of the company's Global Securities Research & Economics Group.

Davis joined Merrill in 1977 as an associate in the firm's investment banking division. From 1991 to 1997 he held numerous positions, including head of Global Equity Capital Markets, co-head of the Equity Division and co-head of the Investment Banking Group. He served as president of CICG from 1997 until now.

Paul Roy and Arshad Zakaria will succeed Davis and become co-presidents of CICG and will have executive responsibility for the global Investment Banking, Debt, Equity and Securities Services divisions. Successors for both Roy and Zakaria will be named soon, according to Merrill.

Roy, most recently head of Merrill's global equity markets business, joined Merrill Lynch in 1995 following the company's merger with Smith New Court plc, where he was CEO.

Zakaria has served as head of Corporate Risk Management since May 2000. He joined Merrill Lynch in 1987 in Investment Banking, and was named managing director in 199. He also served as COO and head of the Global Corporate Finance Group.

The company also announced that Jerome Kenney, who has had executive responsibility for the Research group, will now have additional responsibilities for senior client relationships globally. Kenney will continue to lead the Corporate Strategy function as an executive VP of Merrill.

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