GunnAllen regroups after death of CEO

Following the recent death of its chief executive Gordon Loetz, GunnAllen Holdings Inc. of Tampa announced a series of management changes this morning. Mr. Loetz, chief executive of both GunnAllen Holdings and its broker-dealer unit, GunnAllen Financial Inc., died in a boating accident in Puerto Rico on March 27. He was 59. Succeeding him as CEO of the holding company is John Sykes, the current chairman and the company’s single largest shareholder. He appointed Mr. Loetz as CEO of GunnAllen in November, in large part due to their long relationship and the fact that Mr. Loetz was Mr. Sykes’ personal financial adviser (a href= http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090125/REG/301259995&ht=>InvestmentNews, Jan. 25). Fred Kraus, formerly chief financial officer, is now acting chief executive of the broker-dealer and remains CFO. Scott Bendert, CFO of the holding company, is now also acting chairman of the broker-dealer. Additionally, the broker-dealer’s president, co-founder Rick Frueh, stepped down today. Mr. Frueh sold the firm to Mr. Sykes last summer, but remains a significant shareholder. No replacement has yet been named for that position. “The firm will continue and we are committed to seeing Gordie’s vision for the firm fulfilled,” Mr. Sykes said in a statement. Mr. Loetz had developed a plan for creating more products and services for GunnAllen’s 726 reps and advisers to sell, and recently launched a tax advisory service. GunnAllen Holdings and GunnAllen Financial Inc. are both based in Tampa, Fla.