Oppenheimer Holdings will have a new CEO later this year, according to a release issued last week by the company that outlined its succession plans.
At the close of the annual shareholders meeting to be held on May 5, Albert G. “Bud” Lowenthal, who has led the firm for 40 years, will step down as CEO of the company and its chief subsidiary, Oppenheimer & Co. (Opco).
He will be succeeded by Robert Lowenthal, his son, who is currently President of the company and Opco, as well as Head of Investment Banking and a member of the board of directors since 2013. Bud Lowenthal will continue as Chairman of the company and become Executive Chairman of Opco.
“It has been my personal honor and professional privilege to lead Oppenheimer,” Bud Lowenthal said. “For over 140 years, our firm has put capital to work for companies, entrepreneurs, individuals and families—driving economic growth across America and beyond.”
Robert Lowenthal joined Oppenheimer over 25 years ago. Prior to leading investment banking, he was OpCo’s Global Head of Fixed Income. He began at the company as Senior Vice President and Chief Information Officer,
“I am honored to be appointed CEO of Oppenheimer,” he said. “The Company has a storied history and a legacy of providing generations of clients with exceptional service and valuable insights into their investments. I am excited by the opportunities ahead and the ways in which we can continue to deliver value to our shareholders, employees and clients.”
The publicly traded company said it had a record year in 2024. It generated $1.4 billion in revenue and $71.5 million in earnings, while shares rose approximately 70% over the last 12 months.
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
