Gleacher Should Fire CEO Hughes, Investor Says
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Gleacher & Co., the brokerage that closed its fixed-income business, should fire Chief Executive Officer Thomas Hughes, according to private-equity firm MatlinPatterson Global Advisers LLC.
Hughes, 55, should be replaced along with Chief Operating Officer John Griff for the brokerage’s “disappointing results,” MatlinPatterson said today in a regulatory filing. The New York-based private-equity firm, which owns about 29 percent of Gleacher, said the company should wind down, pursue a merger or sale, or reinvest assets in a more promising venture. Hughes and Griff didn’t immediately respond to messages seeking comment.