Oppenheimer & Co. Inc. has announced that in a strategic leadership transition, Ed Harrington, currently managing director and head of sales and marketing for Oppenheimer Asset Management, will assume the role of executive vice president of the private client division and become a member of Oppenheimer’s management committee.

Mark Whaley, who currently serves as EVP of that division, will retire as of Feb. 1, 2019, from the leadership position, although he will stay with the firm through 2019.

Harrington has been with Oppenheimer for 25 years in a range of areas including product development, sponsor engagement, operations and product marketing. He built a sales and marketing team and led investment management distribution efforts across 92 U.S. retail locations and 1,100 advisors.

In addition, Harrington played a collaborative role in the launch of the firm’s private market opportunity platform, which delivers private investment vehicles to qualified investors.

Whaley, who recently celebrated his 10-year anniversary with Oppenheimer, has made numerous contributions to the industry during his long career, from wealth management capabilities to implementation of compliance/supervisory controls.

“Ed has demonstrated his leadership and expertise in numerous ways and brings deep knowledge of our industry, firm and advisory practices,” Bud Lowenthal, chairman and chief executive officer of Oppenheimer, says in a statement. He adds, “In this important role, he will empower our advisors, help recruit the next generation of advisors, and continue to move the business forward.”

Of Whaley, Lowenthal says, “Mark has been an important contributor to our firm and we are grateful he will remain with us for the next year as he transitions into retirement.”

— Check out Top 6 Trends in Wealth Management: Chip Roame on ThinkAdvisor.