NEW YORK, June 7, 2017 /PRNewswire/ -- The Board of Directors of Lebenthal Holdings LLC (Lebenthal or the Company) has announced changes in certain aspects of the management and operations of the Company. The Company's principal businesses are Lebenthal Asset Management (LAM) and Lebenthal & Co., a woman-owned capital markets business.
The Company is currently pursuing various strategic alternatives for its operating businesses, which include a sale of one or more of the businesses to third parties and/or a reorganization with the support of its secured creditors. Alexandra Lebenthal, CEO and founder of Lebenthal, and her brother James B. Lebenthal, CEO of LAM, have stepped down from certain of their responsibilities. Alexandra Lebenthal has resigned from her position as CEO and board member of Lebenthal. She will continue to serve as managing member of Lebenthal & Co. (LebCo). James Lebenthal has left LAM to pursue other opportunities in asset management.
The Board has appointed Patricia Caldwell of Gordian Group to act as the Chief Restructuring Officer for Lebenthal while the Company pursues its strategic alternatives.
Additionally, Doug Famigletti and Michael Jamison have been named Co-CEOs of LAM and will work collaboratively with a newly-established management committee of LAM portfolio managers. Also, Steven Willis, Senior Managing Director, Capital Markets, will oversee the business of LebCo.
All operating businesses of the Company, including LAM, LebCo and Lebenthal Family Office, will continue operations.
Ms. Lebenthal commented on the changes. "It has been a significant challenge to launch a startup, standalone financial services firm in the middle of the financial crisis, but I am proud of the many things that we have accomplished in the last nine years, including growing our asset management business and creating the leading woman-owned broker-dealer in the United States. I wish Lebenthal great success going forward."
One of the oldest names on Wall Street, predecessor firm Lebenthal & Co was founded in 1925 by Sayra and Louis Lebenthal, Alexandra's trailblazing grandparents, who formed their company to sell odd-lot municipal bonds to small investors. After her late father James took over in 1963, the firm achieved fame through his iconic advertisements and became synonymous with tax-free municipal bonds.
Lebenthal & Co was sold in 2001 to Advest, a firm later acquired by Merrill Lynch. Alexandra Lebenthal relaunched her family business as Alexandra & James in 2007, and was able to buy the Lebenthal name back shortly thereafter.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lebenthal-holdings-announces-management-and-operational-changes-300470706.html
SOURCE Lebenthal Holdings LLC