Davidson Companies Announces Leadership Changes - Johnstone Elected Chairman; Kerr Elected President; Davidson Named Chairman Emeritus
February 2, 2012
Davidson Companies, the regional financial services firm, today announced that Bill Johnstone, CEO, has been elected Chairman of the Board. He succeeds Ian B. Davidson, longtime Chairman of Davidson Companies, who has been named Chairman Emeritus and will continue to serve on the company’s board of directors and executive committee.
Jim Kerr has been elected President of Davidson Companies. Kerr has served as President of D.A. Davidson & Co.’s Individual Investor Group since 2007 after joining Davidson as a regional manager in 2005. He will continue to oversee the Individual Investor Group as well.
“With Bill’s and Jim’s excellent leadership, and the bench strength behind each of them, this company will continue to prosper and continue to attract and retain high-quality, motivated people in the years ahead,” Davidson said.
Johnstone has served as President and CEO of Davidson Companies since 2004, and will retain the CEO title in addition to serving as Chairman. Johnstone joined Davidson Companies in 2000, first as an independent board member and then as President of D.A. Davidson, one of the four financial firms that operate under the Davidson Companies corporate umbrella.
Davidson was named President in 1968 and became CEO and Chairman in 1970. He served in that role until 2000, when he stepped away from the first two roles. During his tenure as CEO, the company grew from a small brokerage firm with four offices and about 55 employees to become a regional financial services firm with 33 offices and 703 employees. Today Davidson Companies continues to grow and has more than 1,100 employees working from 67 offices.
Davidson joined the firm, then called Gibson Associates, in 1958. He was the third employee, along with his father and a secretary/cashier. He changed the name to honor his father, David Adams Davidson, in 1959 to D.A. Davidson & Co. (now a Davidson Companies subsidiary).
About Davidson Companies
Employee-owned Davidson Companies has offices in 17 states and provides a range of financial services and products to clients nationwide. Founded 76 years ago, the company is headquartered in Montana. Davidson Companies’ subsidiaries hold roughly $29 billion in client assets under management.
Davidson Companies’ largest subsidiary, D.A. Davidson & Co., is the largest full-service investment firm based in the Northwest, and provides a suite of financial advice and services to individual investors and their families, as well as to businesses, nonprofit organizations and institutional investors. Davidson Companies also operates Davidson Investment Advisors, a professional asset management firm; Davidson Trust Co., a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income advisory services, mostly to governments and nonprofit institutions.