Institutional Financial Markets Inc. (IFMI) announced that it has appointed Lester Brafman as Chief Executive Officer, effective immediately. Brafman, who has served as President of IFMI since June 2013, succeeds Daniel Cohen.
Cohen will transition from Chief Executive Officer and Chief Investment Officer of IFMI to President and Chief Executive of IFMI's European operations, where he will continue to focus on growing the Company's European capital markets and asset management operations.
Until the closing of IFMI's announced transaction with Mead Park Capital Partners LLC, and Cohen Bros. Financial, LLC, Cohen will continue to serve as Chairman of IFMI.
During an 11-year tenure at Goldman Sachs, Brafman served as Chief Operating Officer of Credit and Mortgage Trading, and as Head of High Yield and Distressed Trading. Prior to joining Goldman Sachs in 2001, Brafman, 51, spent over six years at Credit Suisse First Boston, holding numerous roles of increasing responsibility, most recently as Head of High Yield Trading, and previously Head of Emerging Market and Sovereign Trading. He also spent several years at Wasserstein Perella & Co. and Lehman Brothers, respectively.
The company expects to close its announced transaction with Mead Park Capital Partners LLC and Cohen Bros, as previously disclosed. Financial, LLC immediately following IFMI's 2013 Annual Meeting of Stockholders, which is scheduled to take place on September 24, 2013. At that time, Jack DiMaio, Chief Executive Officer and founder of Mead Park, will be named Chairman, and Cohen will be named Vice Chairman of the Board of IFMI.
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