New York City-based Gleacher (NASDAQOTH:GLCH) got a new chief executive officer today -- and a bonus chief restructuring officer, too.
On Tuesday, the small-cap investment bank announced that it has appointed Capstone Advisory Group's Christopher J. Kearns as its own new CEO and CRO as well. Capstone is a business consulting firm that offers financial and operational analysis to companies in need of such services. Kearns, who co-founded Capstone in 2004, will remain employed by that company even as he takes over his dual role at his client, Gleacher.
Speaking of which, Gleacher also confirmed today that it has hired Capstone to assist it in restructuring its business, including by exiting the investment banking business altogether. What it will do going forward -- a decision Capstone and Kearns will be helping it to make -- remains up in the air, but Gleacher outlined several possibilities, ranging from finding a better place to do business, to merging with another firm or selling itself to a third party, and all the way up to winding down its operations entirely, liquidating the business, and returning any proceeds to its shareholders.
Gleacher shares closed up 2.1% on the news, at $13.84.
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