Veteran Oppenheimer executive Robert Lowenthal, the firm's senior managing director and head of investment banking, has been promoted to the newly created position of president at both Oppenheimer Holdings and Oppenheimer & Co., its broker-dealer subsidiary.
But Lowenthal, who joined Oppenheimer in 1999, will continue to oversee investment banking at the firm, it said.
His appointment to the role of president, effective immediately, "reflects his many contributions over his 23-year career at Oppenheimer, as he has built and led multiple business divisions; established the core infrastructure and systems to support accelerated performance and scale; developed the global talent base to create effective teams throughout the firm; and played a central role in driving the firm's strategy for growth," the company said in a news release.
The promotion was also "part of an orderly and long-term succession plan" that was approved unanimously by Oppenheimer's board of directors, it said.
Lowenthal, 45, has "dramatically re-built the firm's Investment Banking Division resulting in record-breaking performance" and will continue in his role as head of investment banking, the firm said.
