IPC shuffles execs, announces restructuring

(August 21, 2003) IPC Financial Network has announced a shakeup in its executive suite and a restructuring plan that includes the disposal of non-core assets and a consolidation of operations.

“Our plans, which are nearly complete, will result in $3 million of annual savings to the company,” said IPC’s CEO Steve Meehan in a press release. “Management’s focus over the summer months has been on two critical areas: creating operational efficiencies and getting back to our core business of supporting our advisors in dealing with their clients.”

The company said it is shifting away from growing its business through mergers and acquisitions. Meehan stated that the company would retool and focus “100% on our advisors’ needs.”

Meehan was unavailable for further comment on the restructuring, as his office said he was touring IPC branches today.

In the executive shuffle, president Chris Dingle will step down as of August 31, but remain as a member of the board of directors and consultant on “future projects.”

CFO Tom Kofman will be replaced by Scott Franklin, who has been vice-president of finance for one of IPC’s subsidiaries for the past three years.

“On behalf of the board, I would like to thank both Mr. Dingle and Mr. Kofman for their contribution to the company. Their knowledge base and skills have greatly enriched my experience over the last four years,” Meehan added.

Filed by Steven Lamb, Advisor.ca, slamb@advisor.ca