Drexel Burnham Lambert Inc. said yesterday that Allan Sher, who
oversees the investment firm's West Coast operations had been
promoted to vice chairman.
Mr. Sher, a director and member of the
executive committee at Drexel, will be one of three corporate
vice chairmen. He assumes his new title immediately, as
Howard M. Brenner becomes president. In August, the firm
announced that Mr. Brenner would succeed Joseph A. Vitanza, who
retired at the end of the year.
Mr. Sher, 58 years old, came from
Drexel's New York office to the Beverly Hills, Calif. office
last July after the firm settled Government charges of
securities law violations. As part of its settlement with
the Securities and Exchange Commission, Drexel had agreed to
post a new senior executive in Beverly Hills.
The West Coast operation, which employs
almost 500 people had been the base for Michael R. Milken,
former head of "junk bond" operations. Mr.
Milken was indicted last year on 96 counts of racketeering, mail
fraud, insider trading and other charges.
Mr. Sher, who was promoted from senior
executive vice president, will remain in Beverly Hills and
continue to oversee the firm's corporate finance, high-yield and
capital markets departments.
In other changes yesterday, Drexel
named three new senior executive vice presidents. They are
John H. Kissick, 48, who heads the high yield bond department;
Burton M. Siegel, 34, in charge of international activities, and
Richard J. Wright, 38 chief finance officer. Two new
executive are Joseph Castellano, |
|
|
Allan Sher
Drexel Burnham Lambert |
45, managing director of the information
systems division, and Robert M. Rubin, 36, who was also named
head of the newly formed commodities unit.
Mr. Sher, who joined Drexel Burnham in
1983, began his career in the securities industry in 1956 with
Merrill Lynch, Pierce, Fenner & Smith. IN 25 years
with the firm, he served as an account executive, branch manager
in Clayton, Mo., and executive vice president in charge of
finance and administration.
In, 1981 Mr. Sher, who has a bachelor's
degree in economics from Princeton University joined Wertheim
& Company as general partner and member of the executive
committee. Two years later, he moved to Drexel, where he became
head of the retail division in New York.
MICHAEL LEV
|
