Former Merrill Lynch (NYSE: MER) CEO Stan O'Neal has found his way on to the board of directors at Alcoa Inc. (NYSE: AA). In the press release announcing the move, Alcoa chairman and CEO Alain Belda described O'Neal as a "straightforward leader who focused on improving the operations of the business during his tenure at Merrill as part of his broader strategic vision for the firm."

But Merrill Lynch shareholders will of course remember O'Neal as the man who presided over Merrill Lynch's ill-advised investments into subprime debt that have led to billions in write-downs.

As a director, O'Neal will be responsible for protecting the interests of the company's shareholders and, on that front, his qualifications are debatable. He was roundly criticized for departing Merrill with a $161.5 million severance package following a large decline in the company's share price.

At least Mr. O'Neal won't be serving on the compensation committee.