Shearson’s Lane Quits Following Realignment

Jeffrey B. Lane, recently removed as president and chief operating officer of Shearson Lehman Hutton Inc., has resigned from the securities firm.

Lane said he left because he was no longer effective as a result of a realignment of the firm’s senior management.

“If you’re not happy and not enthusiastic, you can’t be effective,” Lane said, explaining why he left Shearson after 20 years with the brokerage.

Before the shake-up in November, Lane had been the No. 2 executive after Chairman Peter Cohen. Cohen could not be reached for comment.

Lane’s resignation from Shearson--which was effective Friday but revealed only after the holiday weekend--was surprising only in its timing, industry observers said.

“The only surprise to me was that he left as quickly as he did,” said Perrin Long of Lipper Analytical Services.