Mark Schafly Makes Surprise Departure From The Top Spot At FSC Securities

Tuesday, March 29, 2011 22:41
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Mark Schafly Makes Surprise Departure From The Top Spot At FSC Securities

After a little under three years running FSC Securities for corporate parent AIG, Mark Schafly has suddenly resigned. A search for a replacement is already underway.


 

Schafly came to FSC from LPL after the high-energy Joby Gruber left the firm under a bit of a cloud. Before LPL, he had spent a stunning 20 years at A.G. Edwards.

 

No motive for the quick departure beyond "personal reasons" was given.

 

FSC -- along with the other AIG brokerage firms Royal Alliance and Sagepoint -- has seen significant retention problems since AIG's troubles began in the wake of the credit crisis.

 

Larry Roth, who runs the AIG unit to which the three broker-dealers report, will serve as interim CEO.

 

As of last night, Schafly's linkedin page still listed him as CEO at FSC Securities, so the move seems sudden on all counts.

 

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