Amy Webber to replace Eric Schwartz as CEO of Cambridge Investment Research

Eric Schwartz, the founder of independent broker-dealer Cambridge Investment Research Inc., has stepped down as the firm's CEO and has been replaced by longtime executive Amy Webber, who will also remain the firm's president. Mr. Schwartz, who also held the title of chairman, is now executive chairman of the board, the company said in a statement Tuesday. Ms. Webber has been the president of Cambridge for the last decade and has been with the firm since 1998, according to her BrokerCheck report. The change took place Jan. 1. Mr. Schwartz is not retiring and will continue to be “actively engaged from a strategic perspective,” according to a statement from the firm. “Purposeful transformation can take place in many forms, and this includes the evolution of our leadership roles to optimize the core services Cambridge delivers today and into the future,” said Mr. Schwartz. “Amy continues to report directly to me, with the rest of the firm continuing to report under her as it has for several years.” Cambridge announced other executive changes on Tuesday. Ryan Reineke is now the firm's chief operations and technology officer, a new position. Seth Miller is the firm's chief risk officer in addition to his role of general counsel. And Kyle Selberg, currently senior vice president, is now also chief business development officer. Cambridge has more than 3,000 independent reps and advisers who produced $725 million in fees and commissions last year. (More: Cambridge's Eric Schwartz looks into the future of independent broker-dealer industry)