In May, Thomas Weisel Partners lost Blake Jorgenson, a co-director of its investment banking business, when he joined Yahoo as chief financial officer.
Yesterday, in a filing with the SEC that included the release of its second quarter earnings, the Thomas Weisel slipped in news that Robert Kitts, the remaining co-director who was promoted to chief executive of the unit when Jorgenson left, will leave before the year is out, “to pursue other opportunities.” No word on who will replace him, or whether the company will take a Thing One and Thing Two approach.
The San Francisco investment bank that went public in 2006 reported second quarter results
after the market closed Tuesday that beat expectations. Its shares traded up about 42 cents
or 3 percent after hours, almost making up for the 51 cents the stock fell during regular trading.
Revenues for the quarter were up 13 percent from the year before to $71.7 million, while
profits nearly doubled.
Most of the growth was contributed by the firm’s asset management unit, where revenue grew 165
percent to $14.3 million. The increases were driven by private equity gains of $9.9 million in
the second quarter of 2007.
The investment banking unit under Kitts’ supervision saw sales rise 5 percent. Hmmm. Well, we hear Yahoo’s hiring….