Frank E Baxter

Ronald A. Alghini, president and chief operating officer of Jefferies Group Inc., will resign those posts on Jan. 2 "to pursue other business interests," the Los Angeles-based securities firm announced Thursday. Frank E. Baxter, an executive vice president in charge of Jefferies' London subsidiary, is expected to replace Alghini as president, the firm said. Alghini, who served as president since 1980, could not be reached for comment.

Frank E. Baxter, who helped rebuild Los Angeles-based Jefferies Group Inc. into a stock-trading powerhouse after its founder pleaded guilty to fraud in 1987, said Tuesday that he would step down as chief executive but remain active in the company as chairman. Longtime Jefferies executive Richard B. Handler, 39, will become CEO, and John C. Shaw, 53, will remain president and chief operating officer, a post the two men have shared since January.

We at Jefferies & Co., who are tenants one floor below where the fire broke out in the Union Bank Building on July 18, would like to publicly thank the Los Angeles Fire Department for its expert attention in fighting this fire. The expertise of these men allowed us to go on with business as usual. It was very comforting to know that such great effort is put forth not only to fight the fire but to protect others from being affected by such a tragedy. We are forever grateful.

It wasn't long after he hired a close-knit team of junk bond refugees from Drexel Burnham Lambert that Frank E. Baxter realized he had to confront a potentially explosive personnel problem. As chairman and chief executive of Jefferies & Co., the Los Angeles investment banking firm, Baxter found himself at odds with one trader over how much risk was best for his company.

Frank E. Baxter, who helped rebuild Los Angeles-based Jefferies Group Inc. into a stock-trading powerhouse after its founder pleaded guilty to fraud in 1987, said Tuesday that he would step down as chief executive but remain active in the company as chairman. Longtime Jefferies executive Richard B. Handler, 39, will become CEO, and John C. Shaw, 53, will remain president and chief operating officer, a post the two men have shared since January.

It wasn't long after he hired a close-knit team of junk bond refugees from Drexel Burnham Lambert that Frank E. Baxter realized he had to confront a potentially explosive personnel problem. As chairman and chief executive of Jefferies & Co., the Los Angeles investment banking firm, Baxter found himself at odds with one trader over how much risk was best for his company.

The National Assn. of Securities Dealers appointed six new board members, including senior executives from Merrill Lynch & Co., PaineWebber Group Inc., Aluminum Co. of America and Starbucks Coffee Co. NASD said 15 directors who leave as their terms expire will not be replaced as part of a restructuring of its board. In June, the NASD board approved a plan to shrink the number of board members to 27 from 48 in an effort to streamline decision-making.

In a deal expected to be announced today, Los Angeles-based holding company Jefferies Group will separate fast-growing investment bank Jefferies & Co. and computer-based stock trading company Investment Technology Group through a spinoff. Under the plan, ITG and Jefferies & Co. each will be separate, wholly owned companies. Jefferies & Co., a $1-billion niche brokerage firm, will be a separate company trading on the New York Stock Exchange.

Jefferies Group Inc., the fast-growing Los Angeles investment bank, said Tuesday that its first-quarter profit rose 53% to $17.5 million, compared with $11.4 million for the same period a year ago. Like many investment banks, Jefferies' quarterly profit was buoyed by record market conditions. Merrill Lynch & Co., PaineWebber and Donaldson Lufkin & Jenrette all posted record first-quarter earnings this week, in what is promising to be one of the best years ever for securities firms.

David L. Griffith, an eight-year veteran of Tandberg Data Inc., has been promoted to president and chief executive of the Simi Valley-based firm. Prior to his being named president, Griffith was vice president, sales and marketing, where he was responsible for the company's TDC product line focusing on original-equipment manufacturer markets. Griffith succeeds Per Otto Dyb, who left the company.

We at Jefferies & Co., who are tenants one floor below where the fire broke out in the Union Bank Building on July 18, would like to publicly thank the Los Angeles Fire Department for its expert attention in fighting this fire. The expertise of these men allowed us to go on with business as usual. It was very comforting to know that such great effort is put forth not only to fight the fire but to protect others from being affected by such a tragedy. We are forever grateful.

Ronald A. Alghini, president and chief operating officer of Jefferies Group Inc., will resign those posts on Jan. 2 "to pursue other business interests," the Los Angeles-based securities firm announced Thursday. Frank E. Baxter, an executive vice president in charge of Jefferies' London subsidiary, is expected to replace Alghini as president, the firm said. Alghini, who served as president since 1980, could not be reached for comment.

Mayor Antonio Villaraigosa had raised nearly $1.1 million by the end of June to fund his campaign to wrest control of the Los Angeles Unified School District, according to finance reports filed Friday. The largest contribution by far came from A. Jerrold Perenchio, chairman of Los Angeles-based Univision Communications, who gave $500,000.

Relying heavily on help from the Simon family and President Bush, Republican Bill Simon Jr. on Friday reported raising $16.4 million toward his bid for California governor in the first half of this year. He had $5 million in the bank as of June 30. Both figures paled beside the amounts reported by incumbent Democrat Gray Davis, and the showing increased concern within GOP circles about the financial strength of Simon's effort.