Larry Roth, CEO of Cetera Financial Group, has resigned from the board of directors of his firm’s parent company, RCS Capital Group, the company announced.
RCS Capital also announced in a Monday press release that Peter M. Budko, former chief investment officer at the company, also resigned from the board.
Neither Roth nor Budko “resigned as a result of any disagreement with RCS Capital or its board of directors,” the company said in the release. “Mr. Roth will instead concentrate his energies on his responsibilities as chief executive officer of Cetera Financial Group, RCS Capital's independent retail advice division."
RCS Capital also revealed in an SEC filing that its chief operating officer, Bryan L. Nygaard, resigned. He will focus on his role as chief financial officer at Cetera, according to the filing.
The executive leadership changes come a month after RCS Capital announced that it was selling its troubled wholesale product-distribution business to Apollo Management LLC, the private equity firm run by Leon Black, for $25 million.