In a move anticipated for the last few days, Cetera Financial Group Chairman Robert J. Moore is replacing R. Lawrence “Larry” Roth as CEO of the financial organization, Cetera announced Thursday.
The appointment will be effective September 12.
Robert Dineen, who was recently appointed to the board of directors, will replace Moore as acting non-executive chairman of the board of Cetera's parent company.
Industry veteran Roth will continue with Cetera as a consultant to Moore during the transition, until the end of the year, the company said.
Moore said in an interview Thursday that Cetera has plans for “an ambitious growth agenda after weathering a tough transitional period. The company will take advantage of the seismic shift [of consolidation] that is taking place in the business landscape.”
Cetera today has clarity on its ownership structure, a healthy balance sheet, additional capital to continue investing in advisor support resources and a renewed sense of enthusiasm for the future,” Moore said in a statement.
“We expect to have a number of important positive announcements in the coming weeks, from new tools and resources for our advisors and institutions, to significant progress in previously disclosed orderly wind-down and divestiture activities with respect to non-core firms in our network,” he said.
Dineen added in a statement, “Thanks to the swift completion of our strategic transformation process and the retention of the overwhelming majority of our advisors and institutions, we have been able to generate encouraging results for our new shareholders and accelerate to the next stage of our post-transformation strategy."
The latest shakeup at the broker-dealer based in Le Segundo, Calif. follows a number of moves undertaken to set Cetera on its own course after it emerged from the bankruptcy of its former parent company RCS Capital early this summer.
Many think this latest move is an effort by Cetera to make a complete break with RCS Capital and its founder Nicholas Schorsch. Moore praised Roth, who joined RCS Capital two years ago, just before reports of accounting irregularities surfaced, as a well-regarded and respected leader who brought the company through the Chapter 11 bankruptcy of RCS Capital.