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Canaccord Founder Peter Brown to Step Down as Chairman in April

March 23 (Bloomberg) -- Canaccord Financial Inc., Canada’s largest non-bank brokerage, said founder Peter Brown will step down as chairman next month.

“As of April 1st, Peter will assume the role of founder and honorary chairman,” Chief Executive Officer Paul Reynolds said yesterday in an internal memo. “He will continue to sit on Canaccord Financial’s board of directors, but in a non-executive capacity.”

Brown, after turning 70, “decided to focus more of his time and efforts” on charity and nonprofit work, the memo said. Brown has worked at Canaccord for 44 years. The change was earlier reported in the Globe and Mail.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

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