Gleacher & Co has fired Chief Executive Officer Thomas J. Hughes and Chief Operating Officer John Griff a day after the struggling brokerage’s biggest shareholder took control of the board.
Bloomberg reports that the terminations are immediate, New York-based Gleacher said in a regulatory filing.
MatlinPatterson Global Advisors LLC, a private-equity firm holding a 29%, elected its own slate of directors at Gleacher's annual meeting last week following a feud with Hughes over future strategy.
Gleacher has cut staff after failing to sell itself amid losses that totaled $198.4m since 2009. The firm said last month it will shut the fixed-income business that generated most of its revenue.
Earlier this month, the company reported a wider first-quarter loss and said its prospects are 'highly uncertain'.
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