The CEO of one of Richmond’s last independent brokerages is stepping down after only a year on the job.
Todd Newton, a gregarious and sharp-dressing financial services veteran who took the helm of Anderson Strudwick last December, said the lure of his family and his farm were too strong to ignore.
“I resigned to the board about two weeks ago,” Newton said by phone en route to his farm in Alabama. His last official day as CEO will be Jan. 15, although he will stay on as a consultant to Anderson Strudwick.
Newton, a North Carolina native in his late 40s, also said there were some philosophical differences between him and the firm.
He moved to Richmond to take the helm of the company when it wasn’t in the best of shape, and two deals to sell it to a Tennessee-based broker-dealer had fallen through. At that point, morale amongst Anderson Strudwick staff was low, Newton said in an interview at the time.
Newton brought a more hands-on management style that the firm’s leadership wanted.
“Quite frankly, Anderson Strudwick needed to go through a culture change,” said Don Newlin, chairman of the board. “We were set in our ways in some respects.”
Newton left his mark on the firm despite his short stay.
“When he started we had nine offices. Now we have 21,” Newlin said. “He did that in a year.
“He’d wear you out just watching him run around.”
(You can read about part of that expansion here.)
Newton also led the company through a marketing shift, in which it dropped the “&” from Anderson & Strudwick and upgraded its website.
Newton’s decision to step down was unexpected, Newlin said.
In addition to consulting work for the firm, Newton said he’d keep his eyes open for other opportunities, including possibly turning his Alabama farm into a commercial enterprise.
“I can’t wait to get back home,” he said.
As for his short-lived stint in Richmond, Newton said he is confident he is leaving Anderson Strudwick on stable ground.
“I have enjoyed my year there and couldn’t be more pleased with the growth we’ve experienced,” Newton said. “The firm seems to be in a good place, and a couple of different things are on the doorstep in terms of corporate development, additional capital and bringing in several larger investors to the firm.”
Damon Joyner, who joined the firm in July as CFO, will replace Newton in the interim. Joyner previously worked at Wachovia Securities.
Anderson Strudwick’s board will form a search committee to find a permanent replacement for Newton.
Read a BizSense interview with Newton during his first few months on the job here.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
The CEO of one of Richmond’s last independent brokerages is stepping down after only a year on the job.
Todd Newton, a gregarious and sharp-dressing financial services veteran who took the helm of Anderson Strudwick last December, said the lure of his family and his farm were too strong to ignore.
“I resigned to the board about two weeks ago,” Newton said by phone en route to his farm in Alabama. His last official day as CEO will be Jan. 15, although he will stay on as a consultant to Anderson Strudwick.
Newton, a North Carolina native in his late 40s, also said there were some philosophical differences between him and the firm.
He moved to Richmond to take the helm of the company when it wasn’t in the best of shape, and two deals to sell it to a Tennessee-based broker-dealer had fallen through. At that point, morale amongst Anderson Strudwick staff was low, Newton said in an interview at the time.
Newton brought a more hands-on management style that the firm’s leadership wanted.
“Quite frankly, Anderson Strudwick needed to go through a culture change,” said Don Newlin, chairman of the board. “We were set in our ways in some respects.”
Newton left his mark on the firm despite his short stay.
“When he started we had nine offices. Now we have 21,” Newlin said. “He did that in a year.
“He’d wear you out just watching him run around.”
(You can read about part of that expansion here.)
Newton also led the company through a marketing shift, in which it dropped the “&” from Anderson & Strudwick and upgraded its website.
Newton’s decision to step down was unexpected, Newlin said.
In addition to consulting work for the firm, Newton said he’d keep his eyes open for other opportunities, including possibly turning his Alabama farm into a commercial enterprise.
“I can’t wait to get back home,” he said.
As for his short-lived stint in Richmond, Newton said he is confident he is leaving Anderson Strudwick on stable ground.
“I have enjoyed my year there and couldn’t be more pleased with the growth we’ve experienced,” Newton said. “The firm seems to be in a good place, and a couple of different things are on the doorstep in terms of corporate development, additional capital and bringing in several larger investors to the firm.”
Damon Joyner, who joined the firm in July as CFO, will replace Newton in the interim. Joyner previously worked at Wachovia Securities.
Anderson Strudwick’s board will form a search committee to find a permanent replacement for Newton.
Read a BizSense interview with Newton during his first few months on the job here.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].