On January 8, James Cayne of Bear Stearns announced his plan to step down as CEO, effective immediately, though he will stay on as chairman of the board of directors. Bear Stearns president Alan Schwartz succeeds Cayne…
The Financial Services Institute (FSI) announced that its board of directors elected Brian Murphy, chairman of Woodbury Financial Services, as chair for 2008. Murphy succeeds John Simmers, CEO of ING Advisors Network. Eric Schwartz, chairman and CEO of Cambridge Investment Research of Fairfield, Iowa, was elected as vice chair for 2008. In addition, four new directors were elected by the board for terms beginning in January: Michael Bewley, vice chairman and CEO of Wall Street Financial Group in Fairport, New York; Bill Dwyer, managing director and president of LPL Independent Advisor Services in Boston, Massachusetts; Michael Mungenast, president and CEO of ProEquities, Inc. in Birmingham, Alabama; and Mary Sterk, president of Sterk Financial Services in Sioux City, Iowa. Members of the 15-person FSI board of directors are elected annually for a one-year term, is renewable up to four consecutive years…