Finally! Merrill Lynch has announced that embattled CEO Stan O'Neal is "retiring" effective immediately. Director Alberto Cribiore will serve as interim chairman, although they have not yet named a new CEO. Interestingly, Ahmass Fakahany, a close ally of O'Neal's who was also rumored to be "resigning," will stay on as a co-president and chief operating officer, along with Gregory Fleming, who is reportedly still in the running toward becoming Merrill Lynch's CEO. It's kind of an undignified end for O'Neal (not least because of the pictures of him we've been running), but his colleagues did close out his tenure by offering up a few kind words:

“We would like to thank Stan for the contribution he has made leading a major transformation of Merrill Lynch into a global and diversified company with enormous potential ahead of it,” Mr. Cribiore said in a statement.

Yeah, and don't let the door hit your ass on the way out.

Merrill Says O'Neal Will Retire [Dealbook/NYT]
Earlier: The Stan O'Neal Deathwatch