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CSFB chairman steps down
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December 28, 2001: 3:19 p.m. ET
Joe Roby leaving at year end; no successor has been named.
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NEW YORK (CNN/Money) - Credit Suisse First Boston Chairman Joe Roby plans to leave his position at the end of the year, the bank said Friday.
Roby, 62, will become chairman emeritus and a senior advisor at the end of 2001, the bank said. Roby, the former CEO of Donaldson Lufkin & Jenrette, became chairman of CSFB when the two banks merged in November 2000.
"Joe Roby's leadership during his 28 years at DLJ was instrumental in building that firm into a leading investment bank," CEO John Mack said. "We wish Joe continued success in his new role at CSFB."
The bank did not say who will succeed Roby as chairman, and its spokesperson offered no comment when asked for more information about that.
CSFB is a unit of Zurich, Switzerland-based Credit Suisse Group (CSR: down $0.29 to $42.26, Research, Estimates), whose ADRs fell in afternoon trading on the New York Stock Exchange.
According to a recent Wall Street Journal report, CSFB this month agreed to settle an 18-month government investigation into whether it gave favored investors larger shares of hot initial public stock offerings during the technology boom of the late 1990s and early 2000. The report said CSFB, which made about $700 million in IPO fees, had agreed to pay $100 million in fines.
In July, the investment bank ousted CEO Allen Wheat and named Mack as his successor, a move many viewed as a result of the IPO investigation.
The settlement ended a difficult year in which falling stock prices and a global economic recession cut into the bank's profits, leading to thousands of job cuts. 
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