Investment Bank Replaces Its CEO

Los Angeles-based investment bank Houlihan Lokey Howard & Zukin, which a year ago went outside the firm for a chief executive, Franklin W. Hobbs, has replaced him with two insiders.

Houlihan said Thursday that veteran officers Scott L. Beiser and Jeffrey I. Werbalowsky were named co-chief executives, succeeding Hobbs.

Privately held Houlihan, which is well known in the financial business as an advisor to companies involved in mergers, tapped Hobbs a year ago to succeed co-founder and longtime CEO O. Kit Lokey, who remained chairman.

Hobbs, 55, was former chairman of the Wall Street banking firm Warburg Dillon Read.

Lokey said Hobbs and the firm reached an amicable agreement for him to step down, though he’ll remain an advisor. Hobbs could not be reached.

Beiser has been head of Houlihan’s L.A. office. Werbalowsky, who lives in Minneapolis, has been co-director of the firm’s financial restructuring group.