The Wall Street Journal-20080206-Lehman Names Unit Head

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Lehman Names Unit Head

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NEW YORK -- Lehman Brothers Holdings Inc. yesterday changed the leadership of its bond division, a unit that stumbled during the credit crisis even as it avoided the huge losses plaguing some Wall Street rivals.

The firm appointed Andrew Morton, 46 years old, global head of its fixed-income division. He succeeds Roger Nagioff, 43, who is retiring less than a year after being promoted to run what is typically Lehman's biggest revenue producer.

Mr. Nagioff said he is leaving to spend time with his family and eventually set up his own money-management operation.