Model merging has emerged as a promising approach for updating large language models (LLMs) by integrating multiple domain-specific models into a cross-domain merged model. Despite its utility and plug-and-play nature, unmonitored mergers can introduce significant security vulnerabilities, such as backdoor attacks and model merging abuse. In this paper, we identify a novel and more realistic attack surface where a malicious merger can extract targeted personally identifiable information (PII) from an aligned model with model merging. Specifically, we propose Merger-as-a-Stealer, a two-stage framework to achieve this attack: First, the attacker fine-tunes a malicious model to force it to respond to any PII-related queries. The attacker then uploads this malicious model to the model merging conductor and obtains the merged model. Second, the attacker inputs direct PII-related queries to the merged model to extract targeted PII. Extensive experiments demonstrate that Merger-as-a-Stealer successfully executes attacks against various LLMs and model merging methods across diverse settings, highlighting the effectiveness of the proposed framework. Given that this attack enables character-level extraction for targeted PII without requiring any additional knowledge from the attacker, we stress the necessity for improved model alignment and more robust defense mechanisms to mitigate such threats.