Merrill Lynch continues to shuffle the chairs on its executive deck, appointing Kelly Martin as president of the International Private Client Group, replacing Winthrop Smith Jr.

The change was announced by David Komansky, Merrill Lynch’s chairman and CEO, and Stan O’Neal, president and COO. The appointment is effective immediately. Martin, 42, most recently served as head of global debt markets. A successor to that role will be named shortly.

As president of IPCG, Martin will have responsibility for all retail operations outside of the United States, including Canada. He will join the firm’s executive management committee and report to Michael Marks, executive chairman of Merrill Lynch’s Europe, Middle East and Africa region.

Marks also assumes executive responsibility for the firm’s worldwide asset management business, Merrill Lynch Investment Managers. “By giving Michael Marks executive responsibility for IPCG as well as MLIM, we aim to capitalize on the synergies that exist between the two businesses — particularly in the European markets where the growth potential is substantial,” said Komansky and O’Neal.

As for Smith, who may assume other responsibilities within the company, they say, “Win Smith has done an excellent job leading and building this business, which is a core component of our global franchise. Kelly Martin is the ideal person to now take the business forward. He is a creative and strategic thinker who has worked across our businesses in the U.S., U.K. and Japan. His deep knowledge of our clients and the financial markets uniquely qualifies him to lead our international private client business.” Smith’s father was a founding partner of the firm.

Also, it is being reported that Thomas Davis, head of Merrill’s investment banking business, may also be leaving the firm. Both Smith and Davis lost out to O’Neal in a fight for succession.