Merrill Lynch & Co., Inc. reports that Ahmass Fakahany, co-president and chief operating officer of the firm, has informed the company of his decision to retire and will leave his current role, effective February 1.

Fakahany, 49, joined Merrill Lynch in 1987 and has served in a variety of senior positions. Prior to his role as co-president and COO, he was vice chairman and chief administrative officer from 2005 until May 2007. From 2002 to 2005, Fakahany served as executive vice president and chief financial officer. From October 2001 to November 2002, Fakahany was COO of Global Markets and Investment Banking.

“Upon my arrival, Ahmass informed me of his intention to transition out of Merrill Lynch in the first quarter and pursue other interests. He has been the consummate professional. He provided leadership during this challenging period and has transitioned the new team,” stated John Thain, the new chairman and CEO of Merrill Lynch, in a release.

“I have fulfilled my commitments to John and the board. I leave knowing that the firm’s financial condition is significantly enhanced and the new team is in place and moving forward,” said Fakahany.