Sad to report.
Herbert Allison Jr., the onetime president of Merrill Lynch who oversaw the U.S. government’s bank-bailout program following the financial crisis that led to his former company becoming a unit of Bank of America, has died. He was 69.
Allison’s 28-year tenure at Merrill Lynch, starting fresh out of business school at Stanford University, seemed destined to end with him as chief executive. He settled for the company presidency when, in January 1995, then-CEO Daniel Tully named David Komansky as his successor. Four years later, in 1999, he resigned after being informed he would not become CEO.
Allison joined Merrill Lynch after earning his MBA from Stanford in 1971 and served as treasurer, head of human resources, chief financial officer and head of investment banking.
Survivors include his wife, the former Simin Nazemi, whom he married in 1974; sons John, a New York-based fiction writer, and Andrew, founder of Main Street Hub, an Austin, Texas-based social-media management company; and a brother, George Allison.
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