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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