Cambridge's founder passes baton

Cambridge Investment Research Inc., one of the decade’s fastest growing independent-contractor broker-dealers, is realigning its top management, with an eye on the future. Founder and chief executive Eric Schwartz is handing the title of president to Amy Webber. She will also remain chief operations officer. In addition to retaining the title of chief executive, Mr. Schwartz will assume the title of chairman, a role he said he has informally filled in the past. Jim Guy, the firm’s chief marketing officer, has also been promoted to first executive vice president. The moves, which were announced to reps yesterday, reflect efforts at the Fairfield, Iowa-based firm to prepare for a new generation of leadership, said Mr. Schwartz. “The planning of most independent broker-dealers is to say you’re not going to sell [the firm], and then the owner winds up selling when he reaches an age or wants to retire or the money is too good,” said Mr. Schwartz. “To some degree, it’s recognition of what’s already been happening over the past three to five years,” he said, noting that all departments in the firm, except recruiting and marketing, already report to Ms. Webber. “And in some ways, it’s a recognition of what’s going to happen over the next decade.” In 2006, Cambridge reported $193.4 million in gross revenue, an increase of nearly 29% over the previous year, according to the most recent InvestmentNews survey of independent broker-dealers.