Jefferies Finance named Tom Brady as its next president, following the retirement of current president Carl Toriello on November 30, 2016.

Brady has been part of the Jefferies Finance leadership team since its inception in 2004.

“Carl has done a spectacular job helping us build Jefferies Finance from a start-up in 2004 to one of the leaders in the leveraged-lending marketplace. We thank Carl for his incredible support and partnership, and wish him many years of happiness in his retirement. We are also thrilled that Carl will continue his association as a member of the Jefferies Finance Credit Committee,” said Rich Handler, CEO, and Brian Friedman, chairman of the executive committee of Jefferies Group, in a statement. “We also are very excited about Tom Brady’s promotion to president and know the leadership transition will be seamless. We look forward to working together to continue to provide great service to our borrower clients and investors.”

Jefferies Finance is a joint venture commercial finance company between Jefferies and MassMutual commercial with a primary focus on the origination and syndication of senior secured debt to middle-market and growth companies in the form of term and revolving loans.