McEvoy resigns at Woodbury

CEO's departure is second big change in four months

By Bruce Kelly

Dec 30, 2013 @ 12:38 pm (Updated 1:54 pm) EST

advisor group, woodbury financial, independent broker-dealer, american international group

Advisor Group continues to see movement in the executive suite.

Pat McEvoy resigned last week as chief executive of Woodbury Financial Services Inc., Larry Mark, a spokesman for American International Group Inc., which owns Advisor Group, confirmed Monday. Mr. Mark did not comment on the reasons for the resignation.

Woodbury is one of four independent broker-dealers that make up Advisor Group, one of the largest networks of independent B-Ds in the industry with a total of 5,408 reps .

Erica McGinnis, CEO of Advisor Group, will temporarily replace Mr. McEvoy while the firm looks for a successor.

Mr. McEvoy's resignation is the second significant change in the leadership of Advisor Group in the past four months. In September, long-time Advisor Group CEO Larry Roth stepped down to become CEO of Realty Capital Securities LLC, the broker-dealer and wholesaler for Nicholas Schorsch's nontraded real estate investment trusts and other alternative investments.

In October, Advisor Group tapped Ms. McGinnis, its compliance chief, to replace Mr. Roth.

A year ago, AIG completed its purchase of Woodbury Financial from The Hartford Financial Services Group Inc.

“I would like to thank Pat for his contributions to Woodbury over the years, especially during the recently completed integration of the firm into the Advisor Group network,” Ms. McGinnis said in a statement. “I wish him the best in the next phase of his career.”