P. M. Briefing : Shearson Sets Major Shake-Up

Shearson Lehman Hutton Inc., which just a week ago began a round of layoffs that could total 800 employees, confirmed today that it plans a major shake-up of senior management in the next several weeks.

Shearson will promote a number of younger executives to more prominent positions and reassign others throughout the company to create a new identity for the brokerage firm, a company spokesman said.

The spokesman, who asked that he not be identified, said the impending reorganization will “broaden the management and bring along a new generation to ensure the company is managed as best as possible.”

“The process grows out of the fact that the company has grown and diversified for the past several years,” he said.