The shakeup in the stock research group at


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Smith Barney division continues, with the appointment of Jonathan Joseph, the firm's top semiconductor analyst, as director of U.S. equity research.

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Joseph is one of Smith Barney's most respected technology analysts. Officials at Smith Barney announced Joseph's appointment in a memo to staff on Monday.

Joseph's appointment comes just days after it was revealed that the NASD is investigating Smith Barney's former director of equity research, Kevin McCaffrey, for alleged failure to supervise Jack Grubman -- Citigroup's former telecom analyst.

Citigroup removed McCaffrey last October from the top research job at Salomon in light of the growing scandal surrounding Grubman, the onetime star telecom analyst. McCaffrey currently is head of global sales and marketing for e-business at the investment bank.