RCS Capital (RCAP) — the parent company of the Cetera Financial Group — says it has a new CEO: Bradley E. Scher, 55, an independent director and chairman of RCS Capital’s executive committee.
Larry Roth has vacated that post and remains CEO of Cetera, which includes more than 9,000 independent advisors and is being spun off from RCS Capital. Roth’s resignation “did not result from a disagreement with the company or the board of directors,” according to a filing with the Securities and Exchange Commission.
Scher will be paid $20,000 per month plus expenses but will not receive director fees while serving as chief executive officer of the embattled firm.
For the past 14 years, Scher has been a managing member of Ocean Ridge Capital Advisors, a consulting firm that advises companies, management, investors and other groups “experiencing financial or operating challenges,” according to the SEC filing, posted Friday.
During the past five years, Scher also served as a director on 10 boards of private companies and one public company, Seaco. In addition, he has held management positions including those of president, CFO and chief restructuring officer, with Cedars Funding, Celeritas Management/Spanish Beisbol Network, Graphics Properties Holdings, Nellson Holding, Smith Electric Vehicles and Todobebe.