Cowen Announces Planned CEO Succession
Jeffrey M. Solomon Named Chief Executive Officer Effective December
27, 2017
Peter A. Cohen to Remain Chairman
NEW YORK–(BUSINESS WIRE)–Dec. 1, 2017–
Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) today announced
that, pursuant to the Company’s succession plan, its Board of Directors
appointed Jeffrey M. Solomon as the Company’s next Chief Executive
Officer, effective December 27, 2017. Mr. Solomon is currently Cowen’s
President. Peter A. Cohen, Chairman and Chief Executive Officer of Cowen
since 2009 and founder of its predecessor firm, Ramius Capital, will
remain the Company’s Chairman.
Mr. Cohen said, “The new year will mark my 50th anniversary
in the industry and will also be Cowen’s 100th year
anniversary. We have transformed Cowen over the last eight years,
through a series of acquisitions and organic initiatives, into an
organization that has a solid foundation with tremendous growth
opportunities. It is the right time for Jeff, a close and trusted
partner of mine for 28 years, to take the reins. I’ve always valued his
focus and vision as well as his integrity, tenacity and energy. The
Board and I have great confidence that Jeff will do a terrific job
leading Cowen to higher levels.”
“Founding Ramius Capital in 1994, growing it into a multi billion dollar
alternative investment manager, acquiring Cowen in 2009, and leading the
combined organization has been a privilege and great source of pride to
me,” added Mr. Cohen. “Jeff’s new responsibilities enable me to focus my
attention on creating additional value for all of our stakeholders as
well as broadening and deepening the firm’s key relationships.”
Mr. Solomon said, “It is an honor to lead Cowen and our exceptional
employees as the next CEO. I have been extremely fortunate to work
alongside Peter for almost three decades. Peter is one of the great
business minds in our industry. He successfully guided the Company
through a period of historic change, reshaped the organization and
reenergized our client franchise.”
Added Mr. Solomon, “Today, we find ourselves again at an important
period where market forces are changing our industry. Our platform has a
lot of momentum, making it an exciting time to further distinguish Cowen
by positioning ourselves for the opportunities and challenges ahead. I
look forward to continuing my partnership with Peter as Chairman and
working closely with him as well as our management team and colleagues
to advance Cowen’s mission of delivering outperformance for our clients,
employees and shareholders.”
About Cowen Inc.
Cowen Inc. is a diversified financial services firm and, together with
its consolidated subsidiaries, provides alternative asset management,
investment banking, research, sales and trading, prime brokerage, global
clearing and commission management through its two business segments:
Cowen Investment Management and its affiliates make up the Company’s
alternative investment segment, while Cowen and Company, a member of
FINRA and SIPC, and its affiliates make up the Company’s broker-dealer
segment. Cowen Investment Management provides alternative asset
management solutions to a global client base and manages a significant
portion of Cowen’s proprietary capital. Cowen and Company and its
affiliates offer industry focused investment banking for growth-oriented
companies, domain knowledge-driven research, a sales and trading
platform for institutional investors and a comprehensive suite of prime
brokerage services. Founded in 1918, the firm is headquartered in New
York and has offices worldwide. For additional information, visit www.cowen.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171201005158/en/
Source: Cowen Inc.
Media
Cowen
Lynda Caravello, 646-562-1676
lynda.caravello@cowen.com
or
Gagnier
Communications
Dan Gagnier, 646-569-5897
dg@gagnierfc.com