In the midst of big changes at the online investment firm
Wit Capital Group
, its co-chief executive unexpectedly resigned Monday.
Ronald Readmond, who joined New York-based Wit in 1998, will remain a director and is returning to private life to devote time to personal matters, Wit said. Robert Lessin, the company's chairman, is assuming the role of sole chief executive.
"With the completion of our acquisition of
SoundView Technology Group
earlier this year, the pending acquisition of
, and our strategic alliance with
, I felt that it was the right time to transition to the next generation of leaders,'' Readmond said in a statement.
The company is trading its retail brokerage with E*Trade in exchange for E*Offering, an online investment bank.
Wit also named Russell Crabs and Mark Loehr co-presidents. Crabs was previously president, chief executive and director of research at SoundView, while Loehr was head of investment banking at Wit.
Wit's stock dropped 13/32, or 4%, to 9 around midday Monday. Wit closed Monday regular trading down 11/32, or 4%, at 9 1/16.