Born into poverty, the grandson of a former slave, business executive Stanley OโNeal rose through the ranks of corporate America to become the first African American to head a major firm on Wall Street when Merrill Lynch named him chief executive officer in 2002.ย In 2002 Fortune magazine also named OโNeal the โMost Powerful Black Executive in America.โย Just five years later, however, on October 30, 2007, OโNeal announced that he was stepping down from Merrill Lynch when it was revealed that the company had suffered an $8 billion loss as a result of risky investments in subprime mortgages.
Earnest Stanley OโNeal was born on October 7, 1951, the eldest child of Earnest OโNeal, a farmer, and Ann Scales, a domestic.ย Although the family lived in Wedowee, Alabama, population 750, OโNeal was born in nearby Roanoke because Wedoweeโs only hospital refused to admit African Americans.ย OโNeal spent the first years of his life surrounded by extended family on his grandfatherโs farm, and when not attending school in Wedoweeโs one-room schoolhouse, OโNeal could be found picking cotton and corn in his grandfatherโs fields.ย The enterprising OโNeal also sold and delivered newspapers.
In 1963 the OโNeal family fortunes improved when Stanleyโs father found work on the assembly line at the General Motors (GM) factory in Doraville, Georgia.ย The familyโs move to a federal housing project in nearby Atlanta, Georgia enabled Stanley to attend the newly integrated West Fulton High School, where he proved himself a top student.ย Following high school graduation, GM offered young Stan OโNeal a spot at its General Motors Institute (later Kettering University) where OโNeal combined the study of engineering and industrial administration with work at the Doraville plant.ย The first person in his family to earn a college degree, OโNeal received his B.S. in Industrial Administration in 1974, graduating in the top 20% of his class.ย OโNeal then went on to earn an MBA from Harvard Business School in 1978, thanks to a GM scholarship.
MBA in hand, OโNeal left Boston for New York City in 1978 where a job with GM as a treasurerโs analyst awaited him.ย At GM, OโNeal quickly ascended the corporate ladder, becoming director of the treasury office in just two years.ย He also met his future wife, Nancy Garvey, an economist, while at GM.ย The couple married in 1983 and in 1991 Nancy gave birth to twins: a son and a daughter.ย After nine years with GM, including two years as treasurer of their Spanish subsidiary in Madrid, OโNeal made the decision to leave the company for a position with financial giant Merrill Lynch in their corporate finance division.ย By 1998 OโNeal had moved into management at Merrill Lynch, first as chief financial officer (1998), then president of the U.S. private client group (2000), president and chief operating officer (2001), chief executive officer (2002), and finally chairman in 2003.
In 2002 OโNeal was also named by New York mayor Michael Bloomberg to oversee the redevelopment of New York City following the destruction of September 11, 2001.ย In addition, OโNeal continued his involvement with GM serving on the board of directors until 2006.ย Following his resignation from Merrill Lynch, OโNeal is currently retired.
