Ramius CEO Michael Singer leaves

  • Signs for push-out forces
  • After about four years on the job
  • Thanks and good wishes for Singer
  • Fred Fraenkel taking over in the interim
  • Search for a successor

(management-change.com) — New York, January 17, 2017 — This news came the day after Martin Luther King, Jr. Day. Michael Singer, chief executive of Ramius, leaves. As announced by Ramius LLC in a news release on Tuesday, January 17, 2017, Michael Singer leaves the post as Chief Executive Officer at Ramius LLC, an alternative investment manager, after about four years on the job.

The exact date of Singer’s departure was not given in the announcement. Obviously, it was an abrupt change.

Ramius LLC is the global investment management business of Cowen Group, Inc.

Ramius will undertake a search for a successor.

Singer’s duties are taken over in the interim by Fred Fraenkel, most recently Vice Chairman at Cowen.

Ramius has already removed the name of Singer from the leadership page and lists Fraenkel as Vice Chairman, Cowen Group, Inc. and Interim Head of Asset Management.

“To pursue new career opportunities”

The management change is explained as follows. Ramius said: “Ramius CEO Michael Singer is leaving to pursue new career opportunities.”

The phrase “to pursue new career opportunities” is often used in corporate announcements and opens the door to speculation.

Precise information about the future plans of Singer was not immediately available.

Share price decline

The change follows a decline in the share price of Cowen Group, Inc. since July 2015.

On December 5, 2016, Cowen completed its previously announced one-for-four reverse stock split. Pursuant to the reverse split, common shareholders automatically received one common share for every four common shares owned.

Chaired by Peter A. Cohen

Cowen Group, Inc. is chaired by Peter A. Cohen.

Cohen serves as Chairman of the Company’s Board of Directors and Chief Executive Officer of Cowen Group and serves as a member of the Management and Operating Committees of Cowen Group since November 2009.

On the job as CEO since 2012

Singer served as the Chief Executive Officer and President at Ramius, LLC since December 10, 2012.

Prior to joining Ramius, Michael Singer served as Co-President of Ivy Asset Management, a Fund of Hedge Funds business with over $14 billion in assets.

At Ivy, Singer established the firm’s strategic plan and ran the day to day activities.

Singer began his career at Weiss, Peck & Greer where he spent nine years and served as Senior Managing Director and Executive Committee Member overseeing day to day operations, new product development, client relationship management, hedge fund sales and risk functions.

Singer received a Bachelor of Science degree in accounting with honors from Penn State University and a Juris Doctorate from the Emory University School of Law.

Unplanned

As a general rule, when a top leader announces to step aside with no permanent successor available, it is a signal that the move was unplanned and too early.

Generally speaking, potential causes for an unplanned management change may be, among others, disagreement or surprising new career opportunities.

Signs for push-out forces

It is not completely certain what forces eventually triggered Michael Singer’s move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 04.2017 ($).