Cowen has named its new chief executive officer following Peter Cohen’s decision to step down from the role to focus on being the firm’s chairman.
Jeffrey Solomon, currently president at Cowen, will assume the position as of 27 December after being appointed CEO by the board of directors.
Cohen explained the new appointment will enable him to focus on creating additional value for the Cowen’s shareholders, while deepening the firm’s key relationships.
“Today, we find ourselves again at an important period where market forces are changing our industry. Our platform has a lot of momentum, making it an exciting time to further distinguish Cowen by positioning ourselves for the opportunities and challenges ahead,” he said.
Solomon, who has worked alongside Cohen for almost three decades, has held various senior positions at Cowen during his time there, including chief strategy officer, chief operating officer and head of investment banking.
“[Cohen] is one of the great business minds in our industry. He successfully guided the company through a period of historic change, reshaped the organisation and reenergised our client franchise,” Solomon said.
He also oversaw Cowen’s $116 million acquisition of Convergex earlier this year, which saw the firm become one of the largest independent US equities trading platforms reaching 108 countries globally.
Solomon will continue to work closely with Cohen and the senior management team in his new role at Cowen.