Ladenburg Announces CEO Richard Lampen to Serve as Chairman
September 20 2018 - 6:56PM
Business Wire
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS,
LTSL, LTS PrA, LTSF, LTSK) (“Ladenburg”) announced today that its
Board of Directors has appointed Richard Lampen, Ladenburg’s
President and Chief Executive Officer, to serve as Chairman of the
Board, replacing Dr. Phillip Frost. Adam Malamed, Ladenburg’s
Executive Vice President and Chief Operating Officer, will join the
Board of Directors.
Dr. Phillip Frost said, “I have decided to retire from the
Ladenburg Board and will concentrate my efforts on OPKO Health and
my philanthropic interests. As a long-term shareholder, I am
confident in Ladenburg’s outlook and look forward to its continued
growth and success.”
“We thank Phil for his service to Ladenburg and its shareholders
over the past 14 years,” said Richard Lampen. “Ladenburg would not
be where it is today without his many contributions, and his
presence in the boardroom will be sorely missed.”
Mr. Lampen continued, “Our business is robust, and the company
remains well-capitalized. Ladenburg’s book value exceeds $390
million, the Ladenburg entities hold approximately $250 million of
cash, and the company is focused on building on its successes and
delivering value to shareholders.”
About Ladenburg
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS,
LTSL, LTS PrA, LTSF, LTSK) is a publicly-traded diversified
financial services company based in Miami, Florida. Ladenburg’s
subsidiaries include industry-leading independent advisory and
brokerage (IAB) firms Securities America, Triad Advisors,
Securities Service Network, Investacorp, and KMS Financial
Services, as well as Premier Trust, Ladenburg Thalmann Asset
Management, Highland Capital Brokerage, a leading independent life
insurance brokerage company, Ladenburg Thalmann Annuity Insurance
Services, a full-service annuity processing and marketing company,
and Ladenburg Thalmann & Co. Inc., an investment bank which has
been a member of the New York Stock Exchange for over 135 years.
The Company is committed to investing in the growth of its
subsidiaries while respecting and maintaining their individual
business identities, cultures, and leadership. For more
information, please visit www.ladenburg.com.
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding future growth. These
statements are based on management’s current good faith
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive and/or regulatory factors,
including the SEC’s proposed rules and interpretations concerning
the standards of conduct for broker dealers and investment advisers
when dealing with retail investors, future cash flows, a change in
the Company’s dividend policy by the Company’s Board of Directors
(which has the ability in its sole discretion to increase, decrease
or eliminate entirely the Company’s dividend at any time) and other
risks and uncertainties affecting the operation of the Company’s
business. These risks, uncertainties and contingencies include
those set forth in the Company’s annual report on Form 10-K for the
fiscal year ended December 31, 2017 and other factors detailed from
time to time in its other filings with the SEC. The information set
forth herein should be read in light of such risks. Further,
investors should keep in mind that the Company’s quarterly revenue
and profits can fluctuate materially depending on many factors,
including the number, size and timing of completed securities
offerings and other transactions. Accordingly, the Company’s
revenue and profits in any particular quarter may not be indicative
of future results. The Company is under no obligation to, and
expressly disclaims any obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events, changes in assumptions or otherwise, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20180920006000/en/
Haven Tower GroupJoseph Kuo / Michael Dugan424-652-6520 ext. 101
or ext. 106jkuo@haventower.com or mdugan@haventower.com
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