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Hightower’s recapitalization brings board changes, including the departure of founder Elliot Weissbluth.
Chicago-based Hightower added former BNY Mellon Pershing CEO Lisa Dolly to its board of directors, and named CEO Bob Oros as chairman, a position previously held by Hightower’s founder and former CEO, Elliot Weissbluth until December 2020.
Since its recapitalization, Hightower’s founder and former CEO, Weissbluth, has retreated from the company. He stepped down from the CEO role in August 2018, but served as chairman until the end of last year.
Also joining the board is Hightower advisor Darrell Horn. Dolly and Horn join the current board, which also includes directors from the firm s private equity investor: Gurinder Ahluwalia, executive advisor to Thomas H. Lee Partners and co-founder and CEO of 280 CapMarkets; Ganesh Rao, managing director; and Ed Shahnasarian, principal, sit on the board. The PE firm took a controlling stake in Hightower in 201
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The Chicago rollup s founder got paid better by doing the second-stage exit and the new cast on the Board also includes Bob Oros ascending to chair and Darrell Horn of Green Square Wealth Management joining
February 19, 2021 8:58 PM by Lisa Shidler
Brooke s Note: For anyone who knows both Elliot Weissbluth and Bob Oros, it s pretty clear that a psychologist would put them in two different subcategories. Both can sell like the dickens, but Weissbluth has the more alpha style. As Tim Welsh puts it in this article, he was just what the industry needed when he founded Hightower a roll-up pioneer who mass-liberated a whole upmarket class of hybrid RIA breakaway pioneers at a time when leadership was needed. Hightower is now a more buttoned down firm of RIAs, fancier backers, experienced managers, bigger AUM and less controversy. There s no better proof of that than how it completed its transition to a new chairman and added an