Mr. Alix's primary responsibilities will include credit, market and operational risk management firm wide. In addition, Robert Neff, head of market risk, will serve as Deputy Chief Risk Officer. Working closely with Mr. Alix, Mr. Neff will focus on the integration of the firm's risk management functions.

Commenting on the appointments, James E. Cayne, chairman and chief executive officer of Bear Stearns, said, "We have a longstanding commitment to excellence in managing risk. These new positions reflect the importance Bear Stearns places on creating best-in-class processes in analyzing and managing the firm's risk. This change also recognizes the increasing interaction of credit, trading and operational risks in our global, diverse and complex businesses."

Mr. Alix joined Bear Stearns in 1996 and most recently served as head of the firm's Global Credit Department. He chairs the firm's Credit Policy Committee and serves on its Risk, Operations and several other risk-related committees. He is also a member of the Bear, Stearns & Co. Inc. Board of Directors. Mr. Alix is chairman of the Securities Industry Association's Risk Management Committee and is active in a variety of industry risk management groups. He holds a BA in economics from Duke University and an MBA in finance from the Wharton School of the University of Pennsylvania.

Mr. Neff joined Bear Stearns in 1993 and serves as head of the Risk Management Department with oversight responsibility for all of the firm's market trading risk. He chairs the firm's Mark-to-Market Committee and serves on its Risk, Operations and several other risk-related committees. He also serves on the SIA's Risk Management Committee. Mr. Neff earned a BA in economics from the College of Wooster and an MBA in finance from New York University. He is also a holder of the Chartered Financial Analyst (CFA) designation.