Bibliowicz says goodbye to National Financial Partners
After Madison Dearborn deal, Douglas Hammond takes over.
Jessica Bibliowicz, chairman and chief executive of National Financial Partners Corp., has officially passed the baton to chief operating officer Douglas W. Hammond, who now will lead the wealth management and insurance brokerage giant.
Ms. Bibliowicz announced her intention to depart in April 2012. NFP is in a state of flux right now because she struck a $1.3 billion deal last month with Madison Dearborn Partners LLC to take the firm private at $25.35 per share.
Mr. Hammond has been with the firm since 1999, the same year Ms. Bibliowicz, daughter of financier Sandy Weill, joined the company as its CEO.
Ms. Bibliowicz worked with Mr. Hammond for most of that time.
“When you watch an executive develop like that, when you stress-test their readiness, at some point it makes sense to hand over the leadership and let them go on,” she said in a January interview with InvestmentNews.
Mr. Hammond “has been very articulate about the vision of the company and the focus on the corporate benefits side, wealth management, building revenue and operating as one NFP,” Ms. Bibliowicz said.
Last year was a busy one for the firm. NFP snapped up Fusion Advisor Network, adding 240 reps and advisers who brought in $60 million in revenue in 2011. NFP has also bolstered its high-end property and casualty insurance services with a series of new additions, including Lane McVicker LLC, a property/casualty provider specializing in high-net-worth clients with annualized revenue of about $8 million.
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