A veteran marketing expert from the Drexel Burnham Lambert investment firm in New York has been appointed chairman, president and chief executive of Bateman Eichler, Hill Richards Inc., the largest Los Angeles-based securities firm.
Richard J. Capalbo, director of marketing at Drexel for the past 12 years, will replace John R. Bolin, 50, who in December was named president and chief executive of the broker-dealer division of Bateman's parent, Kemper Financial Cos.
"Richard Capalbo has a well-deserved reputation for developing innovative products and services for the retail account executive," Bolin said in a prepared statement. "His understanding of account executive needs and innovative thinking will be a valuable asset in expanding Bateman Eichler's retail business."
In August, Capalbo was behind a music video at Drexel aimed at boosting employee morale, which had been hurt by unfavorable publicity surrounding SEC investigations of insider trading. The four-minute video blended shots of employees singing to the tune of the song, "When the Going Gets Tough, the Tough Get Going," with portions of the original hit by pop singer Billy Ocean. The song's rewritten lyrics: "When the going gets tough, Drexel gets going."
Separately, Bateman announced it has acquired Seattle, Portland, Ore. and Anchorage, Alaska, offices from Boettcher & Co. The purchase brings Bateman's branch office total to 37, with a total of 475 brokers.