Benjamin “Tad” Edwards IV, son of former A.G. Edwards & Sons Inc. chief executive Ben Edwards III and once the heir apparent to run the firm, has resigned.
Mr. Edwards, 52, resigned yesterday, sources said.
He had been running the firm's Chesterfield, Mo., branch, which brokers say was one of Edwards' larger offices.
Edwards is now part of Wachovia Securities LLC, based in St. Louis.
A call to Mr. Edwards’ office at Wachovia was referred to a company spokesperson.
Teresa Dougherty, Wachovia Securities spokeswoman, confirmed that Mr. Edwards has resigned. She declined to discuss the matter, citing policy.
In his career at Edwards, Tad Edwards rose through the ranks as a broker to later become director of sales and marketing, president, and vice chairman of the board.
In 2001, Mr. Edwards lost out to Robert Bagby for the chief executive post after Benjamin Edwards III retired.
Mr. Bagby also left the firm this month, retiring ahead of schedule. He was due to serve as chairman of the merged firm through next year (InvestmentNews, May 19, http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20080519/REG/149543783).
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