As Cetera embarks on a new chapter in its corporate history, it has announced management changes in the upper ranks of its bank channel business.
Cetera Investment Services has promoted LeAnn Rummel, national sales director, to president. Catherine Bonneau will remain as CEO and work more closely with senior management, giving the bank business a larger voice companywide.
Rummel, a 24-year veteran of Cetera, will focus on all aspects of the business in her new role, a Cetera spokeswoman told Bank Investment Consultant. Her move, in turn, will create opportunities for other people at the firm to assume expanded responsibilities, the company noted.
Rummel currently oversees all sales functions, including financial institution relationship management, advisor recruitment, sales support and Rep on Demand, a tool that Cetera offers to banks to provide advisors on an ad-hoc basis as they're needed. Rummel is also a BISA board member.
Bonneau, president and CEO of Cetera since January 2006, will join the Cetera Financial Group executive team where she will become more involved in management at the company's network level. As such, she'll work closely with Larry Roth, Cetera Financial Group's CEO, and Adam Antoniades, its president, to give the bank business a larger voice at the highest level of the organization.
The management changes come as Cetera emerges from a protracted period of turmoil caused by its parent company RCS Capital. RCS filed for bankruptcy following an accounting scandal at a firm run by RCS's former executive chairman Nicholas Schorsch.
RSC's bankruptcy plan was approved last month. The plan called for a much needed $150 infusion from the company's new equity owners. As part of the change, Cetera also renamed itself Aretec – Cetera spelled backward.