National Financial Partners Corp. (NFP) said Monday that it has appointed president and chief operating officer Douglas Hammond as chief executive officer, effective May 17.
Hammond succeeds Jessica Bibliowicz, chairman and CEO of National Financial Partners. Ms. Bibliowicz, whose intention to step down as CEO was announced in April 2012, served as National Financial Partners' CEO since joining the company in April 1999, and as chairman since June 2003.
National Financial Partners announced on April 15 that it has entered into a definitive agreement with private equity firm Madison Dearborn Partners, LLC, under which a controlled affiliate of Madison Dearborn Partners will acquire National Financial Partners.
Monday's appointment is part of the company's previously announced management succession plan. Ms. Bibliowicz will continue her service on the board as non-executive chairman of National Financial Partners until the close of the deal with Madison Dearborn Partners.
Hammond has served as chief operating officer of National Financial Partners since 2008, and was named president in 2012. Prior to that role, he served as National Financial Partners' executive vice president and general counsel from 2004 to 2008 and as National Financial Partners' executive vice president and deputy general counsel from 2002 to 2004.
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