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Resisting FleetBoston's demands for more layoffs and stung by a failed bid for independence, Robertson Stephens President and Chief Executive Bob Emery abruptly walked out the door ten days ago. A 16- year veteran of the onetime tech boutique, he was one of the few old- timers left since the bank purchased it in 1998.
Emery's sudden departure was triggered by Fleet's insistence that he lay off more employees, according to a source close to the firm. In the days before he left, Emery clashed vocally with Terrence Murray, Fleet's chairman, the source added.
"Robbie Stephens had already cut back a lot, and Emery didn't want to make the personnel cuts that Fleet wanted," the person said. The firm announced several weeks ago that it was laying off about 5% of its 1,500-person staff, citing a fall-off in demand for technology- related IPOs (IDD 4/2, p. 11).
Soon after Emery left, the former CEO attempted to return to the firm to retrieve personal items and was locked out of the office, the source said, adding that Emery was escorted by Fleet management and security to get back into the firm's offices.
A Robertson Stephens spokeswoman declined to comment on Emery's departure except to say "he looks...