Don Froude, president of The Personal Advisers Group for Ameriprise since September 2008, is stepping down from the position and will be focusing on field initiatives and other projects.
Ameriprise Financial Inc. quietly disclosed the move last Friday in an SEC filing. The reason for the departure of Froude, 59, from the position was not immediately clear, nor were the specifics of his new job. A source said it was Froude’s decision to step down and assume the new role, which has less travel involved, and the transition has been under way for the past year.
Ameriprise will not be filling Froude’s position. His duties will be assumed by Bill Williams, executive vice president and head of Ameriprise’s franchise advisor channel, which has 7,600 advisors; and Patrick O'Connell, executive vice president of the 2,100-advisor employee channel.
Williams and O’Connell will report directly to Ameriprise chief executive James Cracchiolo. They previously reported to Froude.
Froude is one of the firm’s top executives, bringing home more than $4.5 million in salary and bonuses in 2013. His 2014 compensation has not yet been disclosed.
Ameriprise itself is one of the leading independent broker-dealers channels, well-known for its “Confident Retirement” campaign pitched by actor Tommy Lee Jones.