Gleacher & Company announced that Christopher J. Kearns of Capstone Advisory Group was appointed as the company’s chief restructuring officer and chief executive officer. In this capacity, Kearns will serve as the company’s principal executive officer.
He has been an executive director and manager of Capstone, a restructuring and transaction advisory firm, since 2004. Prior to co-founding Capstone, Kearns was a senior managing director at the Policano & Manzo legacy practice of FTI Consulting and a predecessor firm. Kearns will remain employed by Capstone.
Gleacher also announced that it has retained Capstone to assist the company with its restructuring process, including evaluating strategic alternatives and providing restructuring advice and assistance. Capstone’s services will be supervised by Kearns.
In addition, Gleacher announced that it will exit its Investment Banking business effective immediately. Exiting this business will affect approximately 20 investment banking personnel. The company is currently investigating several strategic alternatives in order to preserve and maximize stockholder value.