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March 1, 1998

John Chalsty Steps Down at DLJ

By Staff Reports

John Chalsty stepped down as chief executive of Donaldson, Lufkin & Jenrette, the firm he helped to transform from a mid-sized broker dealer into one of Wall Street's top investment banks and trading powerhouses.

Chalsty, 64, who will continue as chairman at DLJ., was succeeded by Joe Roby, previously president and chief operating officer at the firm. The change temporarily leaves vacant the position of COO.

Chalsty began his career at DLJ in 1969 as an oil analyst. He was named chief executive in 1986. Under his leadership, the firm expanded in the areas of underwriting, sales and trading and investment banking, and revenues grew from $732 million in 1986 to $4.64 billion in 1997.

Roby, 58, began his career as an investment banker at DLJ in 1972.

Separately, on April 1, Claude Bebear will retire as chairman of the Equitable Companies, which is 72-percent owner of DLJ. Bebear will be succeeded by Henri de Castries, Equitable vice chairman and director.

Equitable's majority shareholder is global giant AXA Group. Bebear will retain his post as chairman of AXA's executive board.