Cetera Advisor Networks today announced that company CEO Jack Handy will retire February 28 after joining the firm in April.

Firm President Douglas King will take on the role of CEO upon his departure, according to the company, which is an independent broker-dealer and registered investment firm.

King joined Cetera Advisor Networks, formerly known as Financial Network Investments, after serving 25 years with Merrill Lynch, where he served in a dual role as director of Merrill’s Minneapolis & Associates Complex and Minnesota state president for Bank of America.

“Doug’s commitment to independence, coupled with his wealth of knowledge about regional office management and growth practices, makes him a natural fit to take the reins,” Handy said in a statement.

“Jack was instrumental in shaping Cetera Advisor Networks’ unique regional model, making it the best place for advisors who value local support and guidance,” Valerie Brown, CEO of Cetera Financial Group, the parent company of Cetera Advisor Networks, said in a statement. "Doug is the right leader to build on that momentum. He has a proven track record of creating growth and opportunity for advisors, which will result in even greater success."