Merrill Lynch Australia country executive Paul Masi is leaving the firm after a nine-year tenure.
He will be replaced by Goldman Sachs JBWere's (GSJBW) former executive chairman and co-chief executive officer Craig Drummond.
"Craig will be responsible for building a market-leading operation in Australia, overseeing the strategy and direction, and working across all the businesses to implement integrated, client-focussed solutions," a Merrill Lynch memo said.
Drummond was at GSJBW for over 23 years.
Masi made the decision to take a break from Merrill Lynch after more than nine years with the company and 27 continuous years in the industry to spend more time with his family, the memo said.
He will remain with the company for a short transition period, it said.
"We have built a great platform in Australia and it will be a market leader for years to come," Masi said in the memo.
"The transition to a combined business is progressing well and I wish the team all the best."
