MILWAUKEE, Jan. 17, 2013 /PRNewswire/ -- Employee-owned international financial services firm Baird today announced that Steve Booth has been promoted to Chief Operating Officer. Booth takes on the new role in addition to his current responsibilities as Director of Investment Banking and co-head of Baird's Equity Capital Markets (ECM) business. The plan calls for Booth to eventually succeed Baird Chairman, President & CEO Paul Purcell.
Like Purcell, Booth joined Baird in 1994. He has led its Investment Banking efforts and served as co-head of ECM since 2006. Booth is also a member of Baird's board of directors and Executive Committee and chairs the firm's Finance Committee.
"The selection of Steve Booth as Baird's COO is the culmination of a very thoughtful and thorough process over the past several years," said Purcell. "Steve's leadership qualities, business acumen and strong knowledge of our businesses make him the best fit for this important role and for helping lead Baird going forward."
"Paul and I have a very strong relationship that goes back more than 20 years," Booth said. "Paul's been a great mentor and friend and I'm excited to partner with him to continue Baird's long tradition of success and to build upon our unique culture and associate-owned model."
Booth will continue leading Investment Banking and serving as co-head of ECM throughout 2013. Over the course of the year, he will work to transition leadership of Investment Banking to take effect January, 2014. In addition, in his role as COO Booth will work side-by-side with Purcell to help drive Baird's top strategic business opportunities and to ensure a successful transition over the next few years. Baird's plan calls for Booth to be elevated to the position of President effective January 1, 2014 with Purcell continuing as CEO through the end of 2015 and Chairman for a few years after that.
Despite tough economic conditions and financial markets in recent years, Baird has continued to grow to best serve its clients' needs. For instance, in the past five years Baird has opened 33 new business locations in the U.S. and abroad and increased employment 22% while employment in the U.S. securities industry decreased 6%. Since Purcell joined Baird in 1994:
- Employee ownership has increased from 20 percent to 94 percent;
- Revenues have grown from $180 million to a record $925 million in 2011 and an anticipated record of approximately $960 million in 2012;
- Client Assets have grown from $13 billion to approaching $100 billion;
- Office locations have increased from 57 in the United States to more than 100 in the U.S., Europe and Asia; and
- Baird has been named one of the FORTUNE 100 Best Companies to Work For® the past ten consecutive years.
"I couldn't be prouder of what we have achieved together and I couldn't be more confident in Steve's ability to help take Baird even further," said Purcell.
Steve Booth Biography
Steve Booth joined Baird in 1994 and first led the firm's Investment Banking Industrials Group, then Baird's Global M&A business before also becoming Director of Investment Banking and co-managing Equity Capital Markets. Prior to joining Baird, Booth was at Kidder, Peabody & Co. in its Chicago Corporate Finance Office. He received his Master of Management degree, with distinction, from the Kellogg School of Management at Northwestern University and holds a BBA in Finance and a BA in Economics, magna cum laude, from Southern Methodist University.
Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Established in 1919, Baird has more than 2,700 associates serving the needs of individual, corporate, institutional and municipal clients. Baird has nearly $97 billion in client assets. Committed to being a great place to work, Baird ranked No. 14 on FORTUNE's 100 Best Companies to Work For® in 2013 – its tenth consecutive year on the list. Baird's principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird's investment banking and private equity operations. For more information, please visit Baird's Web site at www.rwbaird.com.