The Globe and Mail reports in its Saturday edition that Dan Daviau has been named chief executive officer of Canaccord Genuity Group ($5.52). The Globe's Tim Kiladze writes that Mr. Daviau replaces former CEO Paul Reynolds who died in April. Mr. Daviau inherits an investment bank that has been struggling because of its roots as a resource specialist. Historically, Canaccord was best known for underwriting energy and mining deals, as well as advising on mergers and acquisitions in these sectors. Canaccord's stock price has plummeted 56 per cent this year. For diversity, Canaccord has focused on expanding its sector coverage, especially in technology, health care and real estate, and has invested heavily in wealth management. Mr. Daviau is expected to continue this push when he takes over on Oct. 1, especially now that mining and energy company valuations are fractions of what they once were. Interim CEO David Kassie will continue in his previous role as chairman. Mr. Kiladze expects Canaccord's aggressive efforts to diversify to help it endure this downtown. CIBC analyst Paul Holden rated Canaccord "sector outperformer" in The Globe on Dec. 16, 2014. It was then worth $6.56.