Investment bank Duff & Phelps Corp. retooled its executive ranks following the departure of president Gerry Creagh. Noah Gottdiener, Duff & Phelps’ chairman and CEO, will assume Creagh’s role as president. The firm also outlined a number of other changes affecting its various segments.
Kleon Phili will head Duff & Phelps’ financial advisory group; Warren Hirschhorn will oversee the corporate finance consulting segment; Michael Cochrane will lead the investment banking arm; and Henk Oosterhout replaces Phili as the head of international operations.
Creagh, who had spent over 20 years at Duff & Phelps and its predecessor companies, formerly oversaw the financial advisory group in addition to his duties as president. Steve Burt, meanwhile, had headed up Duff & Phelps’ investment banking group. He will continue to spearhead the firm’s M&A practice, according to a spokesman.
Hirschhorn is taking over for Michael Athanason, who recently left the firm.
Alongside the announced management changes, Duff & Phelps estimated that its first-quarter revenues would come in at roughly $89 million, slightly below market expectations. The forecast did not include $3.7 million of deferred revenue from an assignment for Lehman Brothers that was held up by the bankruptcy court.
Analysts are largely bullish about Duff & Phelps’ prospects, however, given expectations for a strengthening M&A market.
Despite the reshuffling, Duff & Phelps has been actively recruiting in recent months. In January, the firm bolstered its corporate finance consulting segment with the hiring of Huron Consulting veterans Kenneth Evola, Keith Keller and Matthew Douthit. In March, the firm went back to Huron, to bring in Michael Braverman and Matthew Medlin as managing directors in its dispute and legal management consulting group.