Bear Stearns doubles size of management committee

By Dan Wilchins

NEW YORK, Sept 7 (Reuters) - Bear Stearns Cos Inc BSC.N
has more than doubled the size of its management committee,
adding heads of investment banking, international businesses,
and other areas, according to an internal memo obtained by
Reuters.

The firm's management and compensation committee now has 15
members compared to its previous seven, according to the memo.

"As we continue to grow as an organization ... the most
effective way to manage the future success and expansion of the
firm is to expand the management and compensation committee to
include representatives from our major business areas and
operations," Bear Stearns Chief Executive Officer Jimmy Cayne
said in the memo.

The committee had included representatives from fixed
income, global equities, risk management, strategy, and other
areas. They remain on the committee.

Adding new businesses to the management committee is part
of the company's effort to diversify beyond the U.S. fixed
income businesses which have been its traditional strength.

Bear generates a higher percentage of its revenue from
fixed income than most of its peers, which resulted in strong
earnings during the bond market boom earlier this decade.

But in recent months mortgage bonds and credit markets have
weakened dramatically. That has helped depress Bear's shares by
about 35 percent this year, or about three times the decline
for the broader sector, as measured by the Amex Securities
Broker Dealer index..XBD

Among the new committee members are: David Glaser and Jeff
Urwin, co-heads of investment banking; Michel Peretie, chairman
of Bear Stearns International Ltd. and the bank's head for
Europe and Asia; Tom Marano, global head of mortgages,
interest-rate products, and foreign exchange;

Michael Alix, chief risk officer, will now also be on the
management committee.

The committee had had nine members, until global clearing
head Richard Lindsey left late last year, and co-Chief
Operating Officer Warren Spector resigned last month.

The complete list of new committee members is below. Bear
Stearns spokesman Russell Sherman verified the memo's contents
and declined further comment.

The members of Bear's management and compensation committee
now include:

Fixed Income:
Jeff Mayer - Co-head of the Fixed Income Division
Craig Overlander - Co-head of the Fixed Income Division*
Tom Marano - Global Head of Mortgages, Rates and Foreign

Exchange*

Global Equities:
Bruce Lisman - Co-head of the Global Equities Division
Steve Meyer - Co-head of the Global Equities Division*

Investment Banking:
David Glaser - Co-head of Investment Banking*
Jeff Urwin - Co-head of Investment Banking*

International:
Michel Peretie - Chairman of BSIL and CEO of Bear Stearns

Europe*

Operations and Risk Management:
Michael Alix - Chief Risk Officer*
Peter Cherasia - Head of IT and Operations*
Bob Steinberg - Risk Management and New Products

Corporate Strategy:
Steve Begleiter - Corporate Strategy & BSAM

Executive Management:
Jimmy Cayne - Chairman and Chief Executive Officer
Alan Schwartz - President
Sam Molinaro - Chief Operating Officer and Chief Financial

Officer
(* Indicates a new addition)