More Duties for Merrill Lynch Chief Tully

Merrill Lynch & Co. said Monday that it has promoted Daniel P. Tully, the brokerage’s president and chief executive, to the additional post of chairman.

Tully, 61, succeeds William A. Schreyer, 65, who is retiring after eight years as chairman of the nation’s largest securities firm. The announcement came at New York-based Merrill’s regular board meeting, which was held in Berlin, Germany, a spokesman said.

Tully has been chief executive of Merrill Lynch since May, 1992, and was named president and chief operating officer in July, 1985. In that capacity, Tully earned $7.4 million in total compensation last year, according to the brokerage firm’s annual proxy statement.

Tully joined the brokerage firm’s accounting department in 1955.

Tully, a New York City native, received his undergraduate degree from St. John’s University and attended Harvard Business School for its advanced management program. His promotion is effective June 29.

Schreyer’s retirement is set for June 28, 45 years after he joined the firm as a junior executive trainee. Merrill’s board elected Schreyer chairman emeritus.