Investors Capital Holdings announced this afternoon that its chairman and founder, Theodore Charles, would retire following a sale of his shares in a public offering. Timothy Murphy, president and CEO of the Lynnfield, Mass.-based brokerage firm, will continue to lead the business.
"It was very important to me that Investors Capital continue on as I envisioned when I founded it in 1992," Charles said. "I wanted it to remain a publicly traded firm where advisors are truly independent and in charge of their own destinies, unemcumbered and uncontrolled by a dominating entity such as an insurance company, private equity firm or majority shareholder."