The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:W&R Chief Steps Aside Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 26, 2005

W&R Chief Steps Aside

Reported by Sean Hanna, Editor in Chief

Waddell & Reed Financial CEO Keith A. Tucker is giving up his titles at the Overland Park, Kansas broker-dealer and money manager, but he is not stepping away from the business altogether.

For the next eight years, Tucker stay on as a consultant and a non-voting emeritus member of the board.

Tucker said yesterday that he is resigning as chairman of the board and chief executive officer. As Tucker leaves, the firm is splitting the two roles between two officers. Henry J. Herrmann (62), currently president becomes chief executive officer and Alan W. Kosloff (64), an independent member of the board of directors, becomes the boardís independent, non-executive chairman. Herrmann will remain chairman of the Investment Policy Committee.

Tucker's announcement comes a month after the firm settled regulators allegations that it had improperly converted customer's variable annuity accounts. That settlement with the NASD and a consortium of states, binds Waddell & Reed to pay $7 million in fines and up to $11 million in restitution. The firm has also agreed to a separate settlement with Torchmark Corporation.

"For some time now, I have been devoting significant energy toward resolving matters involving major litigation," Tucker said. "Now that these matters have been essentially resolved, I am comfortable that as I move on to new challenges, Waddell & Reed is on the right path. As a shareholder and as a professional long associated with this Company, I am confident in the firmís future success."  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use