Lebenthal Holdings LLC is restructuring the leadership and operations of two of its principal businesses, Lebenthal Asset Management LLC and Lebenthal & Co. LLC, about a week after a deal to sell large parts of both businesses was reportedly called off.
The company said it is "pursuing various strategic alternatives" for the businesses, including a reorganization with the support of secured creditors or the sale of one or both businesses.
Alexandra Lebenthal, CEO and founder of Lebenthal Holdings, has resigned as CEO and as a board member. She will continue her work as managing member of Lebenthal & Co. Her brother, James Lebenthal, who is the CEO of Lebenthal Asset Management, has also resigned to pursue other opportunities.
The company's board has named Gordian Group LLC's Patricia Caldwell chief restructuring officer for the company as it explores its options. Doug Famigletti and Michael Jamison have been named co-CEOs of Lebenthal Asset Management. Steven Willis, senior managing director of capital markets, will oversee Lebenthal & Co.'s business.
The changes come soon after a deal between Lebenthal and South Street Securities Holdings Inc. was reportedly called off. In the deal, South Street would have acquired a 49% stake in Lebenthal & Co. and a 100% ownership stake in Lebenthal Asset Management and Lebenthal Family Office LLC.