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.