Commonwealth Financial, LPL set big executive changes

Commonwealth Financial Network and LPL Financial LLC today announced notable changes in management — the most being longtime Commonwealth Financial president and chief operating officer Peter Wheeler's being kicked upstairs to the role of vice chairman. The firm's chief financial officer, Rich Hunter, will replace him. Mr. Wheeler, who has been with Commonwealth for almost 30 years, will continue oversight of legal affairs and compliance and also will focus on strategic planning. Morgan Stanley veteran Michelle Oroschakoff is joining LPL Financial in September, when she will become chief risk officer and replace John McDermott, who announced his retirement in early March. Ms. Oroschakoff will report to chief executive Mark Casady and be on the firm's management committee. She also will be vice chairwoman of its risk management committee. In May, Commonwealth Financial announced the newly created position of senior vice president. The following seven managers were promoted to this ranking within their respective departments: John Bohs, senior vice president for brokerage operations; Simon Heslop, senior vice president for asset management; Jim Hommeyer, senior vice president for strategic and tax planning; Carly Maher, senior vice president for sponsor relations and conferences; Gavin Morrissey, senior vice president for wealth management; E.J. Sutherland, senior vice president for information technology and Paul Tolley, senior vice president for compliance.