LOS ANGELES, Sept. 1, 2016 /PRNewswire/ -- Cetera Financial Group® ("Cetera" or "the Company")*, a leading network of independent broker-dealer firms, today announced the implementation of its new leadership plan, following the company's successful completion of its strategic transformation and restructuring process in late May and the achievement of key financial and operational milestones.
Key highlights of the announcement include the following:
- Effective September 12, 2016, Robert J. Moore will be appointed CEO of Cetera
- Reflecting the Company's continued commitment to corporate governance best practices, Robert J. Moore will be replaced as Acting Non-Executive Chairman of the Board of Cetera's parent company entity by Robert Dineen, a current member of the Board
- R. Lawrence "Larry" Roth will serve as a consultant to the CEO, supporting the transition process
- Adam Antoniades, President of Cetera, will continue to serve in his current role, reporting directly to Robert J. Moore
Robert Dineen said, "Our implementation of this leadership transition reflects our continuing commitment to the fulfillment of key operational and financial goals. Thanks to the swift completion of our strategic transformation process and the retention of the overwhelming majority of our advisors and institutions, we have been able to generate encouraging results for our new shareholders and accelerate to the next stage of our post-transformation strategy, which includes naming Robert Moore as Cetera's new CEO. We thank Larry Roth for his many contributions to our company, and welcome his assistance through the transition."
Robert J. Moore said, "Cetera today has clarity on its ownership structure, a healthy balance sheet, additional capital to continue investing in advisor support resources and a renewed sense of enthusiasm for the future. I'm privileged to serve as CEO of this organization, and to leverage my broad experiences to the benefit of Cetera's advisors and institutions. Towards this end, we expect to have a number of important positive announcements in the coming weeks, from new tools and resources for our advisors and institutions, to significant progress in previously disclosed orderly wind-down and divestiture activities with respect to non-core firms in our network. The Board and entire management team are looking forward to embarking upon an exciting new chapter in Cetera's development."
Under this leadership transition plan, R. Lawrence "Larry" Roth will serve as a consultant to the CEO of Cetera, providing strategic counsel and guidance to best support the company.
About Cetera Financial Group®
Cetera Financial Group ("Cetera") is a leading network of independent retail broker-dealers empowering the delivery of objective financial advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions. Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.
Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations. Advisor support resources offered through Cetera include award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology. For more information, visit www.ceterafinancialgroup.com.
* "Cetera Financial Group" refers to the network of retail independent broker-dealers encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities, The Legend Group and Summit Brokerage Services.
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SOURCE Cetera Financial Group