NEW YORK, May 20, 2013 /PRNewswire/ -- National Financial Partners Corp. (NYSE: NFP), a leading provider of benefits, insurance and wealth management services, today announced that Douglas W. Hammond, president and chief operating officer, has been named chief executive officer (CEO), effective May 17, 2013. Mr. Hammond succeeds Jessica M. Bibliowicz, chairman and CEO of NFP. Ms. Bibliowicz, whose intention to step down as CEO was announced in April 2012, served as NFP's CEO since joining the company in April 1999, and as chairman since June 2003.
Commenting on today's announcement, Ms. Bibliowicz said, "Doug has been instrumental to NFP's success since its inception, and it has been an honor to work alongside him and the rest of the team at NFP to build a strong, diversified business with an unmatched client-focused culture. I am confident that Doug is absolutely the right leader for NFP going forward and remain as excited as ever about the opportunities ahead for this extraordinary organization."
Mr. Hammond said, "It has been a privilege working with Jessica for nearly 14 years, and I have great admiration for her leadership and all that she accomplished during her tenure. NFP has a tremendous opportunity to capitalize on our unique and valuable offerings in today's market, and I look forward to working with the team at NFP as we position the company for its future long-term growth and success."
As announced on April 15, 2013, NFP entered into a definitive agreement with Madison Dearborn Partners, LLC (MDP), a private equity investment firm, under which a controlled affiliate of MDP will acquire NFP. The transaction is subject to shareholder approval and other customary closing conditions.Vahe Dombalagian, a managing director at MDP, said, "We are confident that NFP will continue to advance its strategy and thrive as a powerful, unified brand across its benefits, insurance and wealth management businesses under Doug's leadership. We look forward to supporting Doug and the talented team at NFP as they execute the company's One NFP strategy." Today's appointment is part of the company's previously announced management succession plan. Ms. Bibliowicz will continue her service on the board as non-executive chairman of NFP until the close of the transaction with MDP.
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