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Globe says everything is on the table for Canaccord CEO

2016-06-13 08:31 ET - In the News

The Globe and Mail reports in its Saturday, June 11, edition that Canada's largest independent brokerage is under siege. The Globe's Niall McGee and Tim Kiladze write that Canaccord Genuity Group ($4.41) is suffering an exodus of high-profile bankers in the wake of internal clashes, corporate net losses and the death of its chief executive officer last year. As new CEO Dan Daviau looks to turn around Canaccord's fortunes, everything is on the table -- including changing the identity of a firm with roots that go back nearly 50 years. Canaccord stock is languishing near all-time lows, having fallen 42 per cent in the past year and 84 per cent from its 2006 peak. Mr. Daviau says the company is weighing "a new name that's more reflective of the new organization." He says no decision has been made yet. Mr. Daviau says: "I am an aggressive investment banker. And I'm aggressively turning the culture of this organization, and I'm aggressively ensuring that our employees pursue our objective. And our objective is to maximize our share price. And if that's aggression, then I'm guilty as charged." The Globe notes that Mr. Daviau's critics worry his management style is too harsh.

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