Investors Capital said in early August that after that sale of his shares in a public offering, which represented a roughly 55 percent stake in the firm, company founder and chairman Theodore E. Charles retired from the company. Charles' shares were sold to the company's financial advisors, clients and home-office staff at his request.
Investors Capital will continue to be led by president and CEO Timothy B. Murphy, whom Charles recruited in 1994.
"It was very important to me that Investors Capital continue on as I envisioned when I founded it in 1992," said Charles, in a press release. "I wanted it to remain a publicly traded firm where advisors are truly independent and in charge of their own destinies, unencumbered and uncontrolled by a dominating entity such as an insurance company, private equity firm, or majority shareholder."
