David Komansky is to leave Merrill Lynch one year early and will step down as chief executive by the end of the year, ceding the role to Stan O'Neal, currently president and chief operating officer.

Komansky will bring to an end his six years at the helm of Merrill on December 2. He will retain his role as chairman until April 28, 2003, when he will retire from the bank. O'Neal will then take on the chairman title.