...and still keep your position as CEO.
By most metrics, Mr. Cayne was an extremely astute businessman. It is telling that someone of his caliber and experience got caught up in the valuational and "Delta" problems inherent in sub-prime mortgage derivatives.
Jan. 7 (Bloomberg) -- Bear Stearns Cos. Chief Executive Officer James ``Jimmy'' Cayne faces pressure
to resign as the securities firm's shares languish following unprecedented losses from mortgage
holdings coupled with a slump in trading and investment banking.
Cayne, 73, began notifying members of his board yesterday that he plans to step down as CEO and
remain chairman of the New York-based company, the Wall Street Journal reported on its Web site
today, citing people familiar with the matter. He's expected to be succeeded by President Alan
Schwartz, 57, the paper said.