NYC-based National Financial Partners (NYSE: NFP ) has a new CEO.
National Financial had announced more than a year ago that Chairman and Chief Executive Officer Jessica M. Bibliowicz was planning to leave the wealth-management company. The company confirmed on Monday that President and Chief Operating Officer Douglas W. Hammond has already taken her place -- effective last Friday, May 17.
Hammond and Bibliowicz worked side by side at National Financial for nearly 14 years, and according to Bibliowicz, Hammond is "absolutely the right leader for NFP going forward."
Speaking of "forward," no sooner does Hammond take office than he will be leading the company forward into the arms of an acquirer. On April 15, NFP announced a plan to sell itself to an affiliate of private-equity firm Madison Dearborn Partners.