-- Purcell Continues as Chairman & CEO
MILWAUKEE, Jan. 6, 2014 /PRNewswire/ -- Employee-owned international financial services firm Baird today announced that Steve Booth has been promoted to President effective January 1, 2014. Booth is only the eighth President since the firm's founding in 1919, a testament to the strong leadership, consistent values and long-term partnerships that have differentiated Baird for more than 90 years.
Booth takes on the new role of President in addition to his current responsibilities as Chief Operating Officer and co-head of Baird's Equity Capital Markets (ECM) business. Booth became COO in 2013 as part of a plan that calls for him to succeed Baird Chairman & Chief Executive Officer Paul Purcell and become CEO in January, 2016.
Effective January 1, Booth has also transitioned leadership of Global Investment Banking to two veteran Baird bankers, Brian Doyal and Brian McDonagh. He will continue to work closely with Doyal and McDonagh to ensure a seamless transition and help the Banking team pursue its top opportunities.
Purcell and Booth both joined Baird in 1994. Booth has led Baird's Investment Banking efforts and served as co-head of ECM since 2006. He is also a member of Baird's board of directors and Executive Committee and chairs the firm's Finance Committee.
"Steve and I have a very strong relationship that goes back more than 20 years," Purcell said. "I couldn't be prouder of what our employee-owned firm has accomplished so far and I'm confident Steve can help take Baird even further."
Booth is working side-by-side with Purcell to ensure a successful transition over the next few years.
"Baird has a strong and differentiated franchise," Booth said. "I'm honored to have the opportunity to follow Baird's legacy of extraordinary leaders and continue our commitment to our core values of unflinching integrity and client focus."
Baird's employee-owned model means it can plan for the long term. That longer-term perspective and Baird's strong, client-focused culture have enabled the firm to excel even in challenging environments. For instance, in the past five years, Baird opened 31 new business locations in the U.S. and abroad and increased employment 22% while employment in the U.S. securities industry decreased 2%. Additionally, Baird:
- Has posted an operating profit for 136 consecutive quarters (34 years) and its stock value, including dividends, has grown nearly 220% since 2002;
- Realized more than $1 billion in revenue in 2013, its fourth consecutive year of record revenue;
- Has more than $100 billion in client assets;
- Has been recognized as one of the FORTUNE 100 Best Companies to Work For® 10 consecutive years, with 2013 marking its fifth straight year among the top 25.
Steve Booth Biography
Steve Booth joined Baird in 1994 and first led the firm's Investment Banking Industrials Group, then Baird's Global M&A business before also becoming Director of Investment Banking and co-managing Equity Capital Markets. He was instrumental in helping define and drive strategies that have resulted in Baird's Investment Banking business becoming a leader in middle market M&A and equity underwriting with more than 250 investment banking professionals around the world. He was named COO in 2013.
Prior to joining Baird, Booth was at Kidder, Peabody & Co. in its Chicago Corporate Finance Office. He received his Master of Management degree, with distinction, from the Kellogg School of Management at Northwestern University and holds a BBA in Finance and a BA in Economics, magna cum laude, from Southern Methodist University.
Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Established in 1919, Baird has more than 2,900 associates serving the needs of individual, corporate, institutional and municipal clients. Baird has more than $100 billion in client assets. Committed to being a great place to work, Baird ranked No. 14 on FORTUNE's 100 Best Companies to Work For in 2013 – its tenth consecutive year on the list. Baird's principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird's investment banking and private equity operations. For more information, please visit Baird's Web site at www.rwbaird.com.