MIAMI--(BUSINESS WIRE)--
Ladenburg Thalmann Financial Services Inc. (LTS) (“Ladenburg”) announced today that its Board of Directors has appointed Richard Lampen, Ladenburg’s President and Chief Executive Officer, to serve as Chairman of the Board, replacing Dr. Phillip Frost. Adam Malamed, Ladenburg’s Executive Vice President and Chief Operating Officer, will join the Board of Directors.
Dr. Phillip Frost said, “I have decided to retire from the Ladenburg Board and will concentrate my efforts on OPKO Health and my philanthropic interests. As a long-term shareholder, I am confident in Ladenburg’s outlook and look forward to its continued growth and success.”
“We thank Phil for his service to Ladenburg and its shareholders over the past 14 years,” said Richard Lampen. “Ladenburg would not be where it is today without his many contributions, and his presence in the boardroom will be sorely missed.”
Mr. Lampen continued, “Our business is robust, and the company remains well-capitalized. Ladenburg’s book value exceeds $390 million, the Ladenburg entities hold approximately $250 million of cash, and the company is focused on building on its successes and delivering value to shareholders.”