Cetera Financial Group has shaken up its board of directors after Genstar Capital, a private equity manager, bought the broker-dealer for over $1.75 billion in July.
The overhaul replaces Edmond Walters, the founder and former CEO of eMoney Advisor, and Bob Dineen, the former head of Lincoln Financial Network, with members of Genstar’s non-employee advisory board and two Genstar executives.
The new board members include Ben Brigeman, the chairman of the Cetera board; Gary Michel, a former chief financial officer for a former Genstar portfolio company known as TravelClick; Hal Strong, a former vice chairman of Russell Investments; Tony Salewski, the managing director of Genstar Capital; and Sid Ramakrishnan, the vice president of Genstar Capital.
Brigeman, Michel and Strong are members of Genstar’s non-employee strategic advisory board.
“We look forward to working with them to drive Cetera’s ongoing success,” said Robert “RJ” Moore, Cetera’s CEO, in a statement. Moore will also sit on the board. “With the war for talented and experienced leadership continuing to intensify throughout the financial services space, the addition of these five exceptional executives to our team immediately brings Cetera a deeper level of operational insight and strategic guidance.”
Cetera Financial Group is headquartered in El Segundo, Calif. Its network has nearly 8,000 reps and generates close to $1.8 billion in annual revenue.