Scott Pierce, vice chairman of E. F. Hutton Group Inc., resigned unexpectedly Wednesday, Dow Jones news service reported.

In an interview, Pierce, 56, said he decided to leave the New York investment banking and securities firm because he felt that his role would be limited under a current management restructuring headed by Chief Executive Robert P. Rittereiser.

Pierce told the news service that he is "too young to be the senior statesman," which, he said, is "what my future is if I decided to stay." The decision was entirely voluntary, he said.

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