Focus Financial Partners has named Michael Nathanson, president of Focus and CEO of The Colony Group, as its next CEO, effective immediately.
He takes over for interim CEO Dan Glaser, chairman of Focus' board of directors and operating partner at Focus' majority investment partner, Clayton, Dubilier & Rice. Glaser has been named executive chairman.
Nathanson will continue to lead the Colony Group. In his new role, he will design and execute the firm's ongoing strategies, including greater collaboration among Focus' partner firms, according to a company statement.
“Michael is an outstanding leader in our industry, growing The Colony Group into one of the largest and most recognized firms in the freelance space,” Glaser said in a statement. “His promotion to CEO adds great value to the Focus leadership team. . Michael has been instrumental in executing our evolved strategy, providing strong momentum in Focus' core expansion, setting our strategic vision moving forward and in identifying opportunities for collaboration across our business.”
The move comes amid a leadership shakeup following the sale of Focus to CD&R last year, leaving all three of Focus' founders. Former CEO Rajini Kodialam and former head of M&A Lenny Chang resigned in early August – almost a month ago the deal was finalized– and CEO Rudy Adolf left in October. Kodialam has since re-emerged as a board member at TIFIN AG, which was recently spun off from TIFIN.
It was recently revealed that Kodialam and Adolf are also co-CEOs of E-3 Tech, an early-stage technology start-up.
Since CD&R took over Focus, it has moved to consolidate it 90 independently operated subsidiary practices in a handful of its larger firms, with Colony and Kovitz as possible candidates. Focus has acquired the management teams of Colony and Kovitz and converted them into “hub” firms that will acquire other Focus partner RIAs.