The upper ranks of Gleacher (NASDAQOTH: GLCH ) management have seen a major shake-up. The financial services company has relieved both CEO Thomas Hughes, and COO John Griff, of their jobs. In a tersely worded filing with the Securities and Exchange Commission, it said that the twin terminations were effective immediately. It provided no reason for its actions.
Gleacher has undergone several big changes over the past few months. In terms of personnel moves, it overhauled its five-member board of directors. Meanwhile, in April, the firm announced it would exit its fixed-income business entirely.