New Cruttenden President to Buy Stake in Firm

Cruttenden & Co. said Tuesday that its corporate-finance chief has been promoted to president and that he is negotiating to buy a stake in the firm.

Byron Roth, 31, seeks to buy a sizable stake in Cruttenden, Orange County’s largest investment banking company. He and two other company executives are negotiating to purchase 22% of Cruttenden & Co. from Vista Ventures, a Connecticut venture-capital firm.

The deal is expected to be completed early next month, said Walter Cruttenden III, chairman and chief executive.

“Bryon has proven himself such a leader that we’ve decided to make this stock available to him,” Cruttenden said.

Patrick Allen, new chief financial officer, and David Walters, senior vice president for institutional investments, are joining Roth in negotiating to buy the shares.

Roth, 31, a Manhattan Beach resident, has worked for Cruttenden for two years, most recently as managing director of corporate finance. As president, he will replace Cruttenden, who remains chairman and chief executive.

Cruttenden owns 35% of the firm and will remain the company’s largest shareholder.

The company was founded by Cruttenden’s grandfather in Chicago in 1919. It moved to Newport Beach in 1960 under Walter Cruttenden Jr. His son joined the company in 1977.