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Robert Fomon

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BUSINESS
February 17, 1987
Robert Fomon, chairman of E. F.Hutton Group, said he will remain as chairman but relinquish executive duties. Fomon said: "With the election of Robert Rittereiser as chief executive, the transition in leadership that I initiated almost two years ago is substantially complete. It is time to shift the reins entirely to the new team."
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BUSINESS
June 19, 1987
The retired E. F. Hutton Group chairman will receive $465,000 a year for life in extra pension benefits and $500,000 annually in consulting fees for up to seven years as part of his agreement to leave the brokerage firm, a spokesman said. Quoting information mailed to shareholders, E. F. Hutton spokesman Robert M. Sharkey said the benefits and fees will supplement Fomon's regular pension benefits of $147,450 a year.
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BUSINESS
May 7, 1987
Robert Fomon, who piloted E. F. Hutton Group Inc. for 17 years but started relinquishing power after a check-kiting scandal two years ago, retired Wednesday as chairman and a director of the brokerage giant. Fomon, 62, will remain a consultant to Hutton for up to seven years and receive an unspecified annual fee, a company statement said.
BUSINESS
May 7, 1987
Robert Fomon, who piloted E. F. Hutton Group Inc. for 17 years but started relinquishing power after a check-kiting scandal two years ago, retired Wednesday as chairman and a director of the brokerage giant. Fomon, 62, will remain a consultant to Hutton for up to seven years and receive an unspecified annual fee, a company statement said.
BUSINESS
June 19, 1987
The retired E. F. Hutton Group chairman will receive $465,000 a year for life in extra pension benefits and $500,000 annually in consulting fees for up to seven years as part of his agreement to leave the brokerage firm, a spokesman said. Quoting information mailed to shareholders, E. F. Hutton spokesman Robert M. Sharkey said the benefits and fees will supplement Fomon's regular pension benefits of $147,450 a year.
NEWS
September 4, 1985 | United Press International
An internal investigation of E.F. Hutton & Co. has implicated about a dozen mid-level and branch office managers in the brokerage firm's multimillion-dollar check-kiting scheme, a company spokesman said today. Results of the internal audit, conducted by former Atty. Gen. Griffin Bell at Hutton's request, will be released Thursday in Washington.
BUSINESS
May 20, 1985
Hutton Chairman Robert Fomon said at the firm's annual meeting in New York that Bell, who was attorney general in the Carter Administration, has been hired to review a multibillion-dollar check-kiting scheme to which the company pleaded guilty May 2. Bell is to determine how the scheme evolved, identify the individuals responsible and recommend disciplinary action, Fomon said.
NEWS
May 6, 1987 | Associated Press
E.F. Hutton Group Inc. Chairman Robert Fomon retired today, ending a 17-year tenure as head of the big brokerage firm that was marred when the firm pleaded guilty in 1985 to 2,000 counts of federal mail and wire fraud in connection with a check-overdrafting scheme. Fomon, 62, who helped build Hutton into one of the 10 largest brokerage firms on Wall Street, will receive an immediate $4-million retirement payment and a supplemental pension in addition to his regular pension, the company said.
BUSINESS
October 24, 1985
E. F. Hutton Group, parent of the brokerage house, said its profits dropped to $6.7 million in the third quarter from $23.1 million a year earlier. The financial holding company noted that last year's third-quarter net income was bolstered by a $14-million retroactive tax credit. Without the credit, E. F. Hutton would have earned $9.7 million during the quarter last year. This year's results were aided by the Aug. 1 sale of E. F. Hutton Credit Corp. to Chrysler Financial Corp.
BUSINESS
November 12, 1986
In a speech broadcast to E. F. Hutton employees Monday and made available to reporters Tuesday, new Chief Executive Robert Rittereiser took exception to published reports that Shearson Lehman Bros. is waiting in the wings for Hutton to end its opposition to a proposed merger and return to the bargaining table. "The talks with Shearson Lehman will not resume," he said.
BUSINESS
February 17, 1987
Robert Fomon, chairman of E. F.Hutton Group, said he will remain as chairman but relinquish executive duties. Fomon said: "With the election of Robert Rittereiser as chief executive, the transition in leadership that I initiated almost two years ago is substantially complete. It is time to shift the reins entirely to the new team."
BUSINESS
August 9, 1985
Robert P. Rittereiser, recently named president of E. F. Hutton Group, has been elected to the additional position of chief operating officer, the company announced Thursday. In his new role, Rittereiser will be responsible for day-to-day operations of both the parent company and its broker-dealer subsidiary, E. F. Hutton & Co. He will continue to report to Robert Fomon, chairman and chief executive, the New York-based company said.
BUSINESS
July 16, 1985
E. F. Hutton Group, whose brokerage unit has come under fire for its check-cashing practices in the early 1980s, posted a second-quarter profit of $25.1 million in contrast with a $7.8-million loss in the period a year ago. Hutton said its second-quarter revenue from continuing operations rose 33% to $760 million from $570 million. The revenue figures exclude results from its E. F. Hutton Credit Corp., which the company has previously announced that it expects to sell to Chrysler Financial Corp.
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