Robert W. Baird & Co. said Steve Booth, the firm's president since 2014, assumed the additional title of chief executive officer effective Jan. 1, 2016, as part of a multiple-year transition plan.
He succeeds Paul Purcell, who will continue as chairman of the employee-owned international financial services firm, which is headquartered in Milwaukee. Booth is only the eighth person to lead the firm since it was founded in 1919.
"I've had the pleasure of being a mentor, friend and business partner with Steve for more than 25 years," Purcell said in a press release. "For the last several years, we've worked side-by-side to pursue Baird's most important opportunities and to transition responsibilities. Baird is tremendously well positioned for the future with a fantastic team of leaders and associates. We are in great hands with Steve at the helm."
Purcell and Booth joined Baird in 1994. Booth led Baird's investment banking team and served as co-head of the firm's equity capital markets business since 2006. Purcell was named president of Baird in 1998, added the title of CEO in 2000 and became chairman in 2006. Under Purcell, Baird once again became an employee-owned, independent firm following the firm's buyback from Northwestern Mutual in 2004. The firm also embarked on a global expansion by adding talent and capabilities in the U.S., Europe and Asia.
"Under Paul's leadership, we've focused on best serving our clients in an ever-changing, very competitive landscape," Booth said. "A key part of Paul's legacy is regaining our independence and again becoming an employee owned firm. Being privately held and associate-owned is our single most important competitive advantage because it enables us to make long-term decisions and investments to serve our clients and to create a great workplace."
Purcell will be an active Chairman, working closely with Booth and other Baird leaders to pursue the firm's top growth opportunities and to recruit new talent, the firm said. He will also continue his deep involvement in Baird's private equity business as well as his long-tradition of serving the community.
