B. Riley Financial Inc. has made new appointments to key executive positions including co-chief executive, the Woodland Hills financial services firm announced Tuesday.
Former B. Riley President Tom Kelleher joins Chief Executive and Chairman Bryant Riley with the title co-chief executive. Also, Kenny Young, who heads B. Riley subsidiary B. Riley Principal Investments, has taken over Kelleher’s role as president of B. Riley Financial.
The company said the new leadership structure reflects its growth after a series of recent acquisitions. They include the $143 million purchase of Israeli-based MagicJack VocalTec Ltd. and significant investments in a $1.4 billion deal to acquire Texas-based Rent-A-Center.
“With Tom Kelleher acting as co-CEO, and Kenny Young serving as president, I believe we will further grow and diversify our business, while staying true to our roots,” said Riley in a statement. “Tom has been by my side for over 20 years and has been the visionary in many respects for intra-company collaboration. Kenny has done an incredible job with operating B. Riley Principal Investments, and with his past experience managing large corporations, he will be instrumental in scaling our businesses.”
B. Riley has also promoted Andy Moore from president to chief executive of its subsidiary B. Riley FBR, Inc. The investment bank and brokerage provides financial services to public and private companies as well as high net worth individuals.
Shares of B. Riley (RILY) fell 10 cents, or less than a percent, on Wednesday to close at $22.90 on the Nasdaq.