Broadpoint.Gleacher Names Eric Gleacher CEO; Lee Fensterstock Steps Down
February 22 2010 - 7:15AM
Business Wire
Broadpoint Gleacher Securities Group, Inc. (NASDAQ: BPSG) today
announced that Chairman Eric Gleacher has assumed the additional
role of Chief Executive Officer of the Company following a decision
by Lee Fensterstock, the Company’s former Chief Executive Officer,
to step down to pursue other interests. Mr. Fensterstock has also
resigned from the Board of Directors of the Company. Peter
McNierney will continue as President and Chief Operating
Officer.
"Lee is a world class entrepreneur who had the vision to
assemble an independent full-service investment bank by seeking out
and combining well established businesses in the capital markets
and investment banking arena," Mr. Gleacher said. "He deserves
enormous credit for assembling the key businesses and talented
leadership for continued success and growth going forward. I have
thoroughly enjoyed working alongside as his partner and wish him
well in the next chapter of his career."
"The unprecedented changes in the investment banking industry
over the past two years continue to provide us with enormous
opportunities to enhance and grow our business," Mr. Gleacher said.
"We continue to see very talented people departing large, highly
regulated firms in pursuit of more entrepreneurial culture and
opportunity."
Mr. Gleacher became Chairman of Broadpoint.Gleacher following
Broadpoint's June 2009 acquisition of Gleacher Partners, a firm he
founded in 1990 and where he had served as Chairman. He founded the
M&A department at Lehman Brothers in 1978 and headed global
M&A at Morgan Stanley from 1985 to 1990.
"I feel great personal satisfaction about the creation and
success of Broadpoint.Gleacher," Mr. Fensterstock said. "The firm
is positioned for continued growth and profitability and is guided
by strong leadership. The business is in excellent financial
condition and it seems an appropriate time to pursue some more
entrepreneurial opportunities which are my primary interest.”
Prior to establishing Broadpoint, Mr. Fensterstock founded Bonds
Direct Securities LLC, a market maker in investment grade fixed
income securities, which he subsequently sold to Jefferies
Group.
About Broadpoint.Gleacher
Broadpoint Gleacher Securities Group, Inc. (NASDAQ: BPSG) is an
independent investment bank that provides corporations and
institutional investors with strategic, research-based investment
opportunities, capital raising, and financial advisory services,
including merger and acquisition, restructuring, recapitalization
and strategic alternative analysis services. The Company offers a
diverse range of products through the Debt Capital Markets,
Investment Banking and Broadpoint DESCAP divisions of Broadpoint
Capital, Inc., its Equity Capital Markets subsidiary, Broadpoint
AmTech, and FA Technology Ventures Inc., its venture capital
subsidiary. For more information, please visit www.bpsg.com.
Forward Looking Statements
This press release contains "forward-looking statements." These
statements are not historical facts but instead represent the
Company's belief regarding future events, many of which, by their
nature, are inherently uncertain and outside of the Company's
control. The Company's forward-looking statements are subject to
various risks and uncertainties, including the conditions of the
securities markets, generally, and acceptance of the Company's
services within those markets and other risks and factors
identified from time to time in the Company's filings with the
Securities and Exchange Commission. It is possible that the
Company's actual results and financial condition may differ,
possibly materially, from the anticipated results and financial
condition indicated in its forward-looking statements. You are
cautioned not to place undue reliance on these forward-looking
statements. The Company does not undertake to update any of its
forward-looking statements.
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