Hewillremain as non-executive chairman, continuing to command an eight-figure salary, afterAlanSchwartz, a trustedlieutenant, takes over as chief executive.
He was there when Henry Paulson ousted Jon Corzine (who had plucked Thain from obscurity and named him CFO) to take sole command of the chiefexecutive job.
Most companies have retirement ages woven into their employment policies, and they apply to everyone in the chain of command, including the chiefexecutive officer.