By Olivia Oran and Jessica Toonkel
NEW YORK Jan 29 Eric J. Gleacher has resigned
as chairman of Gleacher & Co Inc and will leave the
broker-dealer he founded in 1990.
His departure, announced Tuesday, comes after Gleacher & Co
said last year it was exploring the potential sale of the
Gleacher, 73, spent the past 22 months working on the sale
of Archstone LP, a real estate company owned by Lehman Brothers
Holdings inc, to Equity Residential and AvalonBay
Communities Inc for $16 billion. With that deal completed in
November, Gleason felt it was time to move on, he told Reuters
in an interview.
He will continue to consult investors and chief executives
"I am not retiring at all," Gleacher said.
His decision to step down is unrelated to a potential
merger, a person familiar with the situation said.
Gleacher & Co shares have plunged 55 percent in the past 12
months. In August, Chief Executive Thomas Hughes said the firm
had engaged in a strategic review that "may end in merger with a
strategic counterparty, a strategic acquisition, divestiture of
business units, investment in our company by a third party, or a
Hughes did not return calls seeking comment on Tuesday.
Eric Gleacher founded the mergers and acquisitions
department at Lehman Brothers in 1978 and later headed global
mergers and acquisitions at Morgan Stanley.
At Morgan Stanley, he advised private equity firm KKR & Co
LP in its high-profile takeover battle for RJR Nabisco,
which was featured in the bestselling book "Barbarians at the
Gleacher & Co shares were down 1.3 percent at 75 cents in