Joseph Gregory: When You're No. 2...

One of Wall Street's longest-running job vacancies was filled on May 24, when Joseph Gregory, 52, became president of Lehman Brothers (LEH). The investment bank, run by hands-on CEO Richard Fuld Jr., 58, hasn't had a second-in-command since 1996.

So why the new appointment? Now, "if I'm not available, Joe is clearly No. 2," says Fuld. He can also rely on Bradley Jack, who was promoted from co-chief operating officer to the office of the chairman. Fuld doesn't plan on retiring anytime soon. But he has been doing more globe-trotting to win over clients and expand Lehman's reach.