Bear Stearns Chairman Greenberg to Step Down; Cayne Takes Post - TheStreet

Bear Stearns


said Chief Executive James Cayne, 67 years old, will replace Alan C. Greenberg, 73, as the chairman of the board.

Cayne was named to the additional post after Greenberg stepped down from the job. Greenberg will remain with Bear Stearns as chairman of the company's executive committee.

Greenberg joined the company in 1949 and served as CEO from 1978 to 1993. He has been the chairman of Bear Stearns since the company went public in 1985. Cayne is no newcomer. He has been with the company for 32 years and was appointed president when the company went public. He became CEO in 1993.

Additionally, the company said Alan D. Schwartz, 51, and Warren J. Spector, 43, have both been named president and co-chief operating officer. Schwartz remains the company's senior investment banker, and Spector will continue to lead the company's fixed-income division and other units.