HighTower gets a new CEO, to be revealed later, as Elliot Weissbluth moves upstairs
Louis Diamond Quoted
By Oisin Breen
Elliot Weissbluth is the new chairman of HighTower Advisors, and the final selection of a CEO to replace him is imminent.
As chairman, the longtime founding CEO will be charged with duties more akin to head of brand and M&A, with the goal of reducing his operational duties. The new CEO will assume HighTower’s day-to-day management.
But putting M&A and outsourcing on the same peg — which HighTower did by hiring Cabezas — isn’t necessarily as much of a strategic shift as you might think, says Louis Diamond, principal of Diamond Consultants in New York. “They’ve had the two lines of business for a while now and favor them over the old [breakaway] partnership model.”