- Push-out Score suggests push-out forces
- After about eight years in the position
- Accolades and praise for Cohen
- Jeff Solomon taking over
- Cohen will remain as Chairman at Cowen
- Cohen spoke at length and said 166 words
(exechange) — New York, December 1, 2017 — Peter Cohen, chief executive of Cowen, leaves the position. It is a change at short notice. As announced by Cowen Inc. in a news release and in a regulatory filing published on Friday, December 1, 2017, Peter A. Cohen leaves his post as Chief Executive Officer at the financial services firm after about eight years in the position, effective December 27, 2017.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.8 years, according to data compiled by exechange.
Cohen’s duties will be taken over by Jeff Solomon, currently President at Cowen Inc.
“It is the right time for Jeff”
Cohen’s imminent departure from the CEO post is explained as follows. Cohen said: “It is the right time for Jeff, a close and trusted partner of mine for 28 years, to take the reins.”
Cohen will remain as Chairman at Cowen
“Peter A. Cohen, Chairman and Chief Executive Officer of Cowen since 2009 and founder of its predecessor firm, Ramius Capital, will remain the Company’s Chairman,” Cowen said.
Share price decline
The change follows a decline in the share price of Cowen Inc. since July 2015.
In the position of CEO since 2009
Peter Anthony Cohen has been the Chief Executive Officer and Chairman of Cowen Group, Inc. since November 2009.
Cohen serves as Chairman of the Company’s Board and Chief Executive Officer of Cowen Group and has served as a member of the Management and Operating Committees of Cowen Group since November 2009.
Cohen is a founding principal of the entity that owned the Ramius business prior to the combination of Ramius and Cowen Holdings, Inc., or Cowen Holdings, in November 2009.
From November 1992 to May 1994, Cohen was Vice Chairman and a director of Republic New York Corporation, as well as a member of its Executive Management Committee.
Cohen was also Chairman of Republic’s subsidiary, Republic New York Securities Corporation. Cohen was Chairman of the Board and Chief Executive Officer of Shearson Lehman Brothers from 1983 to 1990.
Over his career, Cohen has served on a number of corporate, industry and philanthropic boards, including the New York Stock Exchange, The Federal Reserve International Capital Markets Advisory Committee, The Depository Trust Company, The American Express Company, Olivetti SpA, Telecom Italia SpA, Kroll Inc.
He also served as a Director for U.S defense contractors, Titan International, GRC Inc. and L-3 Communications.
He is presently a Trustee of Mount Sinai Medical Center, Vice Chairman and Lead Director of the board of directors of Scientific Games Corporation and a director of Safe Auto Insurance.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Peter Cohen’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 49.2017 ($).