Prudential-Bache Securities said Monday that it is reorganizing its corporate structure, naming George Ball chairman of its holding company, Prudential Capital Investment Services, as well as Prudential-Bache Securities Inc., effective Jan. 1.
Ball will remain as chief executive of both, the New York company said.
Ball succeeds Chairman Harry Jacobs Jr., who is retiring but will remain active in the business at Prudential-Bache Securities.
Prudential Capital Investment Services, a financial services and brokerage firm, is a subsidiary of Prudential Insurance Co. of America.
The company said James T. Barton will succeed Ball as president of Prudential Capital and Prudential-Bache Securities. Barton, who joined Prudential-Bache Securities in 1966 as an account executive, was named executive vice president in 1979 and became head of the company's International and Commodities Group in 1982.
Prudential-Bache Securities also announced the formation of a new Merchant Banking Group, which will consist of Prudential-Bache Corporate Finance, P-B Trade Finance, Prudential Global Funding, PruCapital and a newly formed P-B Investment Management Group.