Canaccord Genuity Group Inc. is making broad changes to its leadership team amid market volatility and a quest to grow internationally.
The company recently cut global staff by 4 per cent due to "market conditions," but Canaccord's new executive appointments and exits show the changes go far deeper. The company announced personnel shifts Wednesday while reporting a net loss of $21.5-million in its third quarter of 2015.
Matt Gaasenbeek is leaving the role of president of Canadian capital markets, according to a press release. He has been with the company more than 20 years. Phil Evershed, the company's global head of investment banking, will be stepping back on March 31 to pursue other opportunities. Mr. Evershed has been with the company since 2010 and will be appointed special advisor to the board of directors.
Canaccord filled in the gaps with a number of new appointments. Dan Daviau takes on the role of North American capital markets CEO.
On Mr. Daviau's Canadian investment banking team will be co-heads Jens Mayer (who stays on in his role) and Sanjiv Samant, who has been promoted. Mergers and acquisitions will be led by Stewart Busbridge, and Justin Bosa heads up diversified investment banking. Dvai Ghose will lead global equity research at the firm.
"The steps we have taken to improve and streamline our leadership structure allow us to bring a sharper management focus to our key priorities, to maximize our core strengths for our clients and shareholders," said Paul Reynolds, chief executive of Canaccord Genuity, in a statement.
He added that capital markets troubles caused by the energy sector would be offset by opportunities that lower oil prices will create in other areas of the global mid-market.