Warren Spector

9. Warren Spector - Top 10 Executive Shake ups 2007

Sara Blatchly — Tue, 11 Dec 2007 15:40:01 -0500

Former Position: President and co-CFO

Bank: Bear Stearns

Downfall: Warren Spector's 24 year career with Bear Stearns came to an end when Jimmy Cayne requested his resignation. yet another victim of the credit crisis. Report

The future of Bear Stearns?

Tue, 07 Aug 2007 06:59:57 -0400

Rarely has a Wall Street firm found itself engulfed in so much bad news. In the mind of Mr. Market, the saga of Bear Stearns is far from over. The stock has sunk to lows it has not experienced in years. It certainly is not as well diversified as the real big boys, like Goldman Sachs and Morgan Stanley. It is not evident at all that the firm's conference call on Friday did much to allay fears, neither did the sacking of Warren Specter. The company is trying to rally around Alan Schwartz (see next item). But with the stock at really depressed levels and no easy answer to the credit market woes that have bedeviled it, you have to think that perhaps the notion that it is a merger prospect will take hold again. There is talk that overseas firms have expressed interest in taking stakes. This rumor has cropped up from time to time. You might see it resurface yet again.

For more:
- here's an update
- here's an article on the turmoil at Bear from Financial News Online

Odd passing of the torch at Bear Stearns

Tue, 07 Aug 2007 06:59:56 -0400

The New York Times reports the scene at Bear Stearns when Alan Schwartz strode into the dining room filled with the top executives. He gave something of a rah-rah speech, and apparently the room burst out in applause for the new heir apparent to the throne currently occupied by Jimmy Cayne. Schwartz has been at the firm for more than 30 years. But now that Warren Specter has been forced out, he finds himself the proverbial man. The former college baseball player made a name for himself at Bear as a salesman and banker and seems like a throwback in some ways. It will be interesting to see how Cayne deals with this. Cayne's predecessor, the Grand Old Man Ace Greenberg, set up a rather long transition period that might have been uncomfortable for Cayne toward the end. But Cayne may now do the same. Perhaps he'll give up the reigns in stages in these troubled times.

For more:
- here's the article from the NYT

Bear Stearns reshuffles executives

Mon, 06 Aug 2007 06:59:58 -0400

The credit crisis that has engulfed Bear Stearns has claimed an internal victim, finally. President and co-Chief Operating Officer Warren Spector resigned on Sunday. According to news reports, CEO Jimmy Cayne called him into his office and told him that he could no longer work with the man once viewed as his successor. A tough end to a brilliant career at the firm. He was a superstar at Bear and the second largest shareholder behind Cayne himself. Alan Schwartz became the company's sole president. Also, CFO Samuel Molinaro will also become chief operating officer as well. Jeffrey Mayer, co-head of the fixed income, was promoted to the executive committee. Well, in hindsight none of this is surprising. I guess it took a while for Cayne to make up his mind. Spector had apparently taken responsibility inside the firm and was working to prevent future occurrences. He'll land on his feet.

For more:
- here's an article from MarketWatch