Frenkel to retire from Merrill Lynch at end April

Frenkel to retire from Merrill Lynch at end April

The chairman of Merrill Lynch's international unit is to step down at the end of April.

According to Bloomberg news, Jacob Frenkel, 61, is set to leave Merrill Lynch International to pursue other professional and personal interests.

Before joining Merrill Lynch Europe in January 2000, Frenkel served two terms as Israel's central bank governor from 1991 to 1999. He joined and became president of Merrill Lynch International three years ago and was named chairman in 2002.

Frenkel was chairman of the board of governors of the Inter- American Development Bank and vice chairman of the European Bank for Reconstruction and Development's board of governors.

Born in Israel, Frenkel was head of research at the International Monetary Fund and was the David Rockefeller Professor of International Economics before becoming Bank of Israel governor.