Securities America Inc. chief executive Steve McWhorter said he will retire this spring after 22 years at the helm of the independent broker-dealer.
Mr. McWhorter, 67, joined Securities America as general counsel in 1987, later serving as president of Securities America Financial Corp. He was named CEO in 1998.
He said in an interview late last week that he is leaving simply to enjoy retirement and spend more time with his family, and he stressed that there was no other component to his decision. He will remain in his role until a replacement is found.
Securities America, which has been owned by Ameriprise Financial Inc. since 1998 — all through Mr. McWhorter's tenure — will conduct a nationwide search for the new CEO. The broker-dealer will also consider internal candidates such as Jim Nagengast, who is chief operating officer and president. “Jim's a very strong candidate,” Mr. McWhorter said.
Ameriprise was supportive of Mr. McWhorter's decision to retire, and they will be involved in the executive search, the CEO said.
Mr. McWhorter, Mr. Nagengast and Janine Wertheim, chief marketing officer and president of Securities America Advisors Inc., make up the leadership team at Securities America.
Ms. Wertheim has been with Securities America for 25 years, but she said in an interview that she is “very happy” in her current role.
During Mr. McWhorter's tenure, Securities America has grown from about 1,100 registered representatives to about 1,950 today, and revenue grew from $100 million to about $485 million as of 2008. Securities America has about $14 billion in assets under management, up from $1 billion in 1998, he said.
“A lot of good things have happened over the years that we're all very proud of,” Mr. McWhorter said. “It's been very satisfying for me. But after 22 years, and being 67, I just felt that it was time for me to do other things.”
Last year, Securities America celebrated its 25th anniversary with an annual meeting at its headquarters near Omaha, Neb., he said. “I wanted to be around for that,” Mr. McWhorter said.
The executive, who said he's looking forward to changing from a “type-A personality to a type-B personality” in retirement, is now looking forward to traveling with his wife of 43 years and visiting with his three children and two grandchildren.
“I just felt that the time was right,” he said.
E-mail Hilary Johnson at [email protected].
