NEW YORK (AP) -- National Financial Partners Corp. said Monday that it named Douglas Hammond, its current president and chief operating officer, as its new chief executive officer.
Hammond, 47, succeeds Jessica Bibliowicz, the daughter of former Citigroup CEO Sandy Weill, who announced her plans to step down last month. Bibliowicz had served as NFP's CEO since joining the company in 1999 and as chairman since 2003.
The New York-based wealth management services provider is in the process of selling itself to private equity firm Madison Dearborn Partners LLC for about $1.01 billion. That deal, which remains subject to shareholder approval, is expected to close in the third quarter.
Bibliowicz will serve as NFP's non-executive chairman until the deal with MDP closes.
Hammond's appointment is part of a previously announced succession plan. Hammond has served as NFP's chief operating officer since 2008 and was named president in 2012.
Before that, he was the company's executive vice president and general counsel from 2004 to 2008 and executive vice president and deputy general counsel from 2002 to 2004.
NFP shares finished at $25.18 on Friday. They have traded in a 52-week range of $12.54 to $25.46.