MIAMI--(BUSINESS WIRE)--Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS, LTS PrA) (“Ladenburg”) today announced that John D. Cornetta has joined the firm as Vice President and Head of Procurement. Mr. Cornetta will be based in the firm’s New York office and report to Carly Maher, Senior Vice President of Products and Services Management.
“I’m delighted to welcome John to the team,” said Adam Malamed, Ladenburg’s Chief Operating Officer. “We look forward to the efficiencies and benefits he will bring to the company as part of our continuing effort to improve our return on invested capital.”
Mr. Cornetta joins Ladenburg with nearly three decades of experience in enterprise procurement. Most recently, he served as Director of Global Procurement at Global Brands Group USA and has held senior procurement roles at McGraw-Hill Education Inc., the Intercontinental Hotel Group and AllianceBernstein, LP. He received his Master of Business Administration from Rutgers University and a Bachelor of Arts degree from Fairfield University.
“Ladenburg Thalmann is enjoying a period of accelerated growth as we and our subsidiary broker-dealers continue to expand,” said Ms. Maher. “With expansion comes the need to realize economies of scale across our growing organizations. We welcome the expertise in sourcing and enterprise-wide contracts that John will bring to the larger firm, our subsidiaries and affiliate companies.”
Ladenburg’s broker-dealer network is comprised of six subsidiaries with more than 4,000 financial advisors and client assets in excess of $125 billion.
About Ladenburg Thalmann:
Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS, LTS PrA) is a publicly-traded diversified financial services company based in Miami, Florida. Ladenburg’s subsidiaries include industry-leading independent broker-dealer firms Securities America, Inc., Triad Advisors, Inc., Investacorp, Inc., KMS Financial Services, Inc., Securities Services Network, Inc., as well as Premier Trust, Inc., Ladenburg Thalmann Asset Management, Highland Capital Brokerage, Inc., a leading independent life insurance brokerage company, and Ladenburg Thalmann & Co., Inc., an investment bank which has been a member of the New York Stock Exchange for 136 years. The company is committed to investing in the growth of its subsidiaries while respecting and maintaining their individual business identities, cultures and leadership. For more information, please visit www.ladenburg.com.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth, economies of scale and growth of our independent brokerage and advisory business. These statements are based on management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, including the Department of Labor's rule and exemptions pertaining to the fiduciary status of investment advice providers to 401(k) plan, plan sponsors, plan participants and the holders of individual retirement or health savings accounts, and other risks and uncertainties affecting the operation of the Company's business. These risks, uncertainties and contingencies include those set forth in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2015 and quarterly report on Form 10-Q for the quarter ended March 31, 2016 and other factors detailed from time to time in its other filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that the Company's quarterly revenue and profits can fluctuate materially depending on many factors, including the number, size and timing of completed offerings and other transactions. Accordingly, the Company's revenue and profits in any particular quarter may not be indicative of future results. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.