Penson Worldwide, Inc. (NASDAQ: PNSN) have announced that Daniel P. Son, Co-Founder and Vice Chairman of the Board of Penson Worldwide, has been named interim Chief Executive Officer, effective July 16, 2012. Mr. Son has more than 40 years of brokerage operations experience.
He succeeds Philip A. Pendergraft, who is retiring as chief executive officer as well as a member of the Company’s Board of Directors. Mr. Pendergraft, who co-founded Penson with Mr. Son, will continue as non-paid, non-executive chairman of the Company’s Penson Financial Services, Inc. and of its Nexa Technologies, Inc. subsidiaries.
Roger J. Engemoen, Jr., Chairman of the Board of Penson Worldwide, said, “We would like to thank Phil for his 17 years of contribution to the Company, and wish him the best in his future endeavors. At the same time, we are pleased to welcome Dan to an expanded role, and look forward to his leadership as we chart the Company’s path going forward.”
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