Less than a week after talk of a possible change at the top, Cetera Financial Group says board Chairman Robert J. Moore will take over as CEO from Larry Roth on Sept. 12.
According to Moore, Roth will stay on as a consultant through year-end. Board member Robert Dineen is set to become the acting nonexecutive chairman of Aretec, Cetera’s parent company.
“This transition was driven by the board and its assessment of the company’s future … and what it wanted to do that would be best” for the firm, its roughly 9,000 affiliated advisors and their clients, Moore said in an interview with ThinkAdvisor.
“They asked me to consider the role in light of the company’s possibilities, to accelerate that [plan] and take it forward. The company is very well positioned to have an impact and influence in the advisor field,” he said.
Cetera’s new CEO, who served as president of LPL Financial from May 2012 to March 2015, is giving up his role as head of Legal & General Investment Management America, an asset manager.
According to Cetera, President Adam Antoniades will keep his current post and report directly to Moore.
While Moore points to the Aretec board as the primary source of the leadership shift, the firm’s new owners appear to be playing at least a supporting role in the change.
“As a shareholder who is in this for the long term, I recognize Cetera’s strong value creation opportunities, and I’m enthusiastic about Robert Moore becoming the CEO,” said David King, managing director of Fortress Strategic Capital, in a statement.