Cambridge Investment Research announced today that Chairman and CEO Eric Schwartz, who founded the independent broker-dealer 35 years ago and led the IBD world’s entry into fee-based compensation, will become executive chairman of the Cambridge board effective Jan. 1, 2017.
Amy Webber succeeds Schwartz as CEO and will retain her position as president, while Ryan Reineke, formerly COO and senior vice president of technology, was named chief operations and technology officer; General Counsel Seth Miller was named to the additional post of chief risk officer, with responsibilities including advocacy and compliance; Kyle Selberg, who has headed recruiting for the IBD since 2008, was named chief business development officer. All will serve on Cambridge’s Executive Council.
In the company announcement, Schwartz emphasized that “I am not retiring,” and that Webber “continues to report directly to me, with the rest of the firm continuing to report under her as it has for several years.” Schwartz has been planning his succession for some years, with the stated intent of keeping Cambridge private and retaining key executives. All the executives named in today’s announcement are longtime Cambridge workers; Webber joined Cambridge in 1998 and has been president of the Fairfield, Iowa-based firm for a decade.