LOS ANGELES, June 16, 2016 /PRNewswire/ -- Cetera Financial Group ("Cetera" or "the Company")*, a leading network of independent broker-dealer firms, today announced that its parent holding company - Aretec - has completed the formation of its Board of Directors with the addition of three veteran executives as directors. The seven members of the new Board are experienced and widely-respected senior leaders with a diverse range of backgrounds and expertise, including noted executives from the independent retail financial advice sector. The new Board of Directors, led by a non-executive Chairman, has been formed in accordance with the highest standards of corporate governance and independence.
The three new directors - Mary Cranston, Robert "Bob" Dineen and Edmond Walters - join the four members of the Board who were previously appointed as part of Cetera's recently completed reorganization process: non-executive Chairman Robert Moore; Michael Kaufman, Principal at Redwood Capital Management, LLC; David King, Managing Director at Fortress Investment Group; and Larry Roth, who also serves as CEO of Cetera Financial Group.
Cetera Financial Group's parent company Chairman Robert Moore said, "I am pleased and honored to serve alongside this talented group of experienced industry leaders on our new Board of Directors. The completion of our new Board reflects the confidence that senior leaders place in Cetera. This also reflects the commitment we all have to our shared mission of helping our advisors and the financial institution investment programs we support to continue to grow their businesses by delivering exceptional value to their clients."
Further details of the newly appointed three Board members are as follows:
- Mary Cranston is a retired Senior Partner and past Chair of Pillsbury Winthrop Shaw Pittman LLP., an international law firm. In her eight years as Chair, Ms. Cranston expanded the firm from a regional California base into an international platform. She currently serves on the Boards of Visa Inc., The Chemours Company, and Myokardia Inc.
- Bob Dineen most recently served at Lincoln Financial Network as Vice Chairman and a member of Lincoln Financial Group's Senior Management Committee. Previously, Mr. Dineen headed Lincoln Financial Network, the retail distribution arm of Lincoln Financial Group, and served as Chief Executive Officer of Lincoln Financial Securities Corporation and Lincoln Financial Advisors Corporation. Mr. Dineen serves on the Board of Aegon NV, a Dutch life insurance, pensions and asset management company.
- Edmond Walters most recently served as Chief Executive Officer of eMoney Advisor, which provides a web-based wealth planning system to over 55,000 financial advisors. eMoney was sold to Fidelity in 2015. Previously, Mr. Walters spent more than 20 years in the financial services industry advising high net worth clients, and was a founder of the Wharton Business Group, a financial advisory firm based in Pennsylvania. Mr. Walters currently serves on the board of InsPro Technologies Corp.
Mr. Moore concluded, "With the separation of the CEO and Chairman roles together with the formation of a Board that is empowered to make independent decisions, I believe we are leading the way towards serving as a model of corporate governance best practices. This is an approach that we are confident will generate sustainable superior outcomes for all of our stakeholders, including the advisors and institutions we serve. Now that our strategic transformation process is complete, giving us a healthy balance sheet in addition to the strong loyalty we continue to enjoy from our advisors and institutions, we are eager to move ahead with our singular focus on empowering the delivery of objective financial advice to individuals across the country."
Further background information on the previously-named members of the Board of Directors follows below:
Chairman Robert Moore is the Chief Executive Officer of Legal & General Investment Management America (LGIMA). Prior to joining LGIMA, Mr. Moore served as President of LPL Financial with oversight of the company's primary client-facing functions, client service and operations teams. Prior to becoming President of LPL he served as CFO.
He is Past Chairman of the Insured Retirement Institute (IRI) Board of Directors, a former member of the board of the Securities Industry and Financial Markets Association (SIFMA), and a past member of the board of the Financial Services Institute as well as the Financial Services Roundtable. Mr. Moore has served on the LGIMA Board since 2008.
Michael Kaufman is a Principal at Redwood Capital Management, LLC. Previously he was an investment banker in the financial institutions group at Citigroup Global Markets and worked at Madison Dearborn Partners, a private equity firm, pursuing control and non-control equity investments in various industries.
David King is a Managing Director at Fortress Investment Group. Previously, he founded and was the Senior Managing Director of Culpeper Capital Partners LLC. Mr. King was formerly a Senior Managing Director at Bear Stearns Merchant Banking and its successor firm Irving Place Capital. He serves on the board of directors of State National Companies, Inc., and is a member of the board of several private financial services companies.
R. Lawrence "Larry" Roth is Chief Executive Officer of Cetera Financial Group. Mr. Roth has over 30 years of experience in the financial services industry, including his service as President and Chief Executive Officer of AIG Advisor Group from 2007 until 2013. Mr. Roth was previously Chairman of the Board of Directors for the Financial Services Institute, as well as for the Insured Retirement Institute where he currently serves as a board member.
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