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Ludeman succeeds Richard E. Thornburgh, vice chairman of the Executive Board of Credit Suisse First Boston and a member of the Executive Board at Credit Suisse Group. Thornburgh will continue to serve on SIA’s board in 2005 as immediate past chairman.
James P. Gorman, executive vice president of Merrill Lynch & Co., Inc. and president of the company’s Global Private Client Group, will serve as chairman-elect. Ellyn A. McColgan, president, Fidelity Investments, and Stephen M. Lessing, managing director, head of client relationship management, Lehman Brothers Holdings Inc., will serve as vice chairs.
James D. Price, executive vice president and director of investment and marketing solutions, UBS Financial Services Inc., will continue as treasurer. Douglas E. Hill, managing partner, Edward Jones, will become SIA vice chairman and will continue as chairman of the political action committee. Marc E. Lackritz will continue as president.
SIA member-firms elect the board of directors, who in turn elect the chairman and other officers at a board meeting during the association's annual meeting, which concludes tomorrow, Friday, November 5.
Ludeman Elected Chairman
Ludeman is president and CEO of Wachovia Securities, LLC.
Ludeman joined Wachovia with the merger of Wheat First Butcher Singer and First Union in 1998. He joined Wheat First in 1979 and was named to the board of directors in 1984. Ludeman has held a variety of leadership positions within various areas of the company, including capital markets, asset management, and brokerage services. In 1996, he was named to the executive committee. In his current capacity, Ludeman provides executive leadership for Wachovia, which comprises 10,000 registered representatives and 3,300 locations in 49 states and the District of Columbia.
Ludeman received a B.A. in economics from Virginia Tech in 1979 and an M.B.A. from the College of William and Mary in 1991.
Gorman Named Chairman-Elect
Gorman is executive vice president of Merrill Lynch & Co., Inc. and president of the company’s Global Private Client Group. He joined Merrill Lynch in 1999 as chief marketing officer, led the U.S. Private Client Group between 2001-2002, and assumed his current position when the U.S. and international businesses were combined in 2002. The group provides comprehensive wealth management services to individuals and businesses through more than 600 offices in the Americas, Europe, the Middle East, and Asia.
A native of Australia, Gorman earned a B.A. and a law degree from the University of Melbourne and an M.B.A. from Columbia University in New York.
Hill, Lessing, And McColgan Elected Vice Chairs
Hill is managing partner of Edward Jones. He joined the firm in 1968 and began his career in the trading department. Later that year, Hill moved to Kansas, where he established the firm's Dodge City office, which became a top-producing branch.
In 1974, Hill was named a principal and became a regional leader. In this capacity, he was responsible for overseeing the activities of the firm's investment representatives in Kansas and Oklahoma, in addition to continuing to serve investors in Dodge City.
Hill moved to St. Louis in December 1978 to help develop and implement a formalized training program for Edward Jones’s investment representatives. In 1981, he was called upon to establish the firm's marketing department, and he headed the firm's sales and marketing division for the next 16 years.
In 1998, Hill became chief operating officer with responsibility for achieving the firm's aggressive growth objectives. In this capacity, he also is responsible for the entire sales force and for all products and services. Hill became managing partner in 2003.
A graduate of Kansas State University, Hill received his bachelor's degree in 1968. He also is a 1984 graduate of SIA’s Securities Industry Institute, which is held at the Wharton School of the University of Pennsylvania.
Lessing is managing director, head of client relationship management, and a member of the executive committee of Lehman Brothers Holdings Inc.
Lessing joined Lehman Brothers in 1980 as an associate in the fixed-income division. In his 24 years with the firm, he has held a number of senior management positions, including head of global fixed-income sales and research, head of global equity sales and research, co-head of global capital markets, and head of Private Client Services. In his current role, Lessing is responsible for senior client relationship management across all of the firm’s businesses. Lessing received a B.A. in economics from Fairfield University and an M.B.A. in finance from Fordham University.
McColgan is president of Fidelity Brokerage Company, responsible for management of the retail mutual fund and brokerage and institutional brokerage businesses. The retail business serves those investors who deal directly with Fidelity through investor centers, on the phone, or via the Web. Fidelity’s institutional businesses provide brokerage platform services and capital markets trading services to financial services institutions and registered investment advisers.
Running one of the industry’s largest brokerage companies brings McColgan’s career full circle. While she has spent much of her Fidelity career working within the firm’s retirement business, she initially came to Fidelity with a brokerage background. McColgan’s first industry job after graduate school was in the brokerage unit of Shearson Lehman Brothers in New York, where she worked as a trainee in the wire room, as a brokerage sales assistant, and on the various trading desks.
McColgan is a trustee of Babson College and a member of The Boston Club, an organization of senior professional women.
McColgan received a bachelor of arts degree in psychology from Montclair State College in New Jersey and an M.B.A. from Harvard Business School.
Price Continues As Treasurer
Price is executive vice president and director of investment and marketing solutions for UBS Financial Services Inc. In this capacity, Price is responsible for the following business areas of the firm: investment consulting services; marketing and branding; alternative investments; UBS Financial Services, Puerto Rico, Inc.; and, private wealth services.
Prior to this, he was president of Prudential Securities and a member of the Prudential Securities Group, Inc. board of directors. Before becoming president in October 2000, Price served as president of Prudential Securities’ Private Client Group. He also served as the firm’s metropolitan regional director for Long Island, Manhattan, New Jersey, and Westchester.
Previously, Price was senior vice president, financial adviser development department, and also worked as first vice president and associate regional director of the firm’s Northeast region.
Price began his career as a financial adviser and then a management training associate at E.F. Hutton in 1983. In 1987, he joined Shearson Lehman Hutton as a sales manager and branch manager. He joined Prudential Securities in 1992.
