Raymundo Yu must feel that the chairmanship of Merrill's Asia business is something of a boomerang. For having tossed it away last May, he has been given the role again in less than a year. The move comes as Merrill's Check Low steps down as chairman to pursue other interests.
Low's departure was not entirely unexpected. Speculation had mounted about the move late last year when Kevan Watts was promoted to run Asia and Europe, with a chairman designation also. With Watts being made chairman of the Pacific Rim ie Asia, it immediately raised questions about Low's own Asian chairmanship.
Historically, business organizations have had only one chairman - if...
