DALLAS - Walter Imhoff, one of the founders of Denver-based Hanifen, Imhoff Inc., has stepped down as president and chief executive officer of the firm's parent company, the companies announced late Monday.
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He will be replaced at Hanifen, Imhoff Holdings Inc. by Gary Wilson, a 17-year veteran of the firm.
Imhoff, 65, will continue to serve as chairman of the parent company.
In addition, Wilson will continue in his roles as president and chief executive officer of Hanifen, Imhoff Inc., a broker-dealer subsidiary of Hanifen Imhoff Holdings. He will also continue as the parent company's chief operating officer.
Wilson, 40, who began working at Hanifen Imhoff after graduating from the University of Northern Colorado, said he has no plans to change the direction of the holding company, which also owns Hanifen Imhoff Clearing Corp. and Hanifen Imhoff Investments Inc.
Wilson said he would consider stepping down as head of the broker- dealer unit at some point and that the firm would consider bringing new expertise to its public finance department. So far this year, the firm has been underwriter and financial adviser on $1.4 billion of deals nationally, according to Securities Data Co.
"We would look at that as an opportunity to bring in expertise we don't have," Wilson said.
In May, Hanifen Imhoff Inc. laid off seven people from its public finance department, including its top two managers, in an effort to adjust to the restrictions placed on the state's issuers by Amendment 1. Amendment 1, passed by voters statewide in 1992, mandated voter approval of all bond issuance.
"The changes were made as a business decision," Wilson said. "If you make the decision to be in the business, you've got to make money in it."
Last year, Hanifen worked as book-running senior manager on 33 issues totaling $266 million to rank 64th in the country. So far in the first six months of 1996, the firm has worked as senior manager of $308.7 million of bonds in Colorado, making it the leading underwriter in the state, according to Securities Data.
"We've been a lead underwriter of Colorado muni bonds for the last three years, and I anticipate we'll continue," Imhoff said. "Gary is young and energetic, and he's shown he's been able to make the decisions critical to the marketplace."
In the past five years Hanifen has sold off all but 20% of his stake in the company. He said he will eventually divest all of it, as per the firm's policy. The company's capital totals approximately $26 million, he said.
Imhoff said there are no plans to bring in outside owners.
"We formed a holding company two years ago with the anticipation that we would be able to recognize talent within the firm," said Imhoff. "We're fiercely entrepreneurial, and react quickly to changes, which we've been permitted to do under the current ownership."
Michael Imhoff, son of the founder and managing director of trading and syndication, said Wilson's promotion is a positive move for the companies.
"We're fully committed to the public finance side of the business," he said. "We went through the changes earlier in the year, and now we're moving on. (Wilson) has been running the whole broker-dealer. Running the holding company is the next logical step."
