Lebenthal CEO and brother step down

In what may be the closing chapter of the Lebenthal family’s Wall Street saga, Alexandra Lebenthal, the CEO and founder of the current Lebenthal firm, and her brother James B. Lebenthal, CEO of Lebenthal Asset Management, have stepped down from their major responsibilities at the firm.

Ms. Lebenthal has resigned from her position as CEO and board member of Lebenthal but will continue to serve as managing member of Lebenthal & Co. Mr. Lebenthal has left LAM to pursue other opportunities in asset management.

The company’s board has appointed Patricia Caldwell of Gordian Group to act as the firm’s chief restructuring officer while it “pursues its strategic alternatives,” the company said in a release.

The company also said that Douglas Famigletti, president and CEO of Griffin Asset Management, which was acquired by Lebenthal in 2016, and Michael Jamison, the asset management unit’s chief operating officer, have been named co-CEOs of Lebenthal Asset Management. Steven Willis, the firm’s head of capital markets, will oversee the business of Lebenthal & Co., the release said.

In March, Lebenthal Holdings, the successor of the municipal bond firm founded in 1925 by Sayra and Louis Lebenthal, the grandparents of Alexandra and James, sold a 49% stake in its Lebenthal & Co. unit as well as 100% of its ownership interests in Lebenthal Asset Management and Lebenthal Family Office to South Street Securities Holdings Inc.