Focus Financial – now a privately owned firm after changing course from being a listed business – is getting an interim CEO after his predecessor decided to retire.

One of the most prominent names in North America’s wealth sector, Rudy Adolf, is stepping down as CEO of Focus Financial Partners.

The change, which will see Dan Glaser, chairman of its board, made interim CEO, comes at what has been a busy time for the group during a period of consolidation and heavy M&A in the American wealth sector. 

Earlier this year, Focus chose to go private after becoming a listed business about five years ago – a development explored here by FWR's US correspondent, Charles Paikert, in March. (See here for another analysis from Charles.)

Under the C-suite change announced yesterday, Focus said Glaser’s role is in addition to his position as chairman of Focus' board of directors and operating partner at Focus' majority investment partner, Clayton, Dubilier & Rice.

Adolf will start to hand over responsibilities immediately and retire at the end of the year.

Meanwhile, Focus has started to search for a new CEO.

The firm, a serial acquirer of wealth businesses in the US and abroad, said that Glaser is a “highly accomplished leader with more than 40 years of experience driving value at leading financial services companies around the world.”

Prior to joining CD&R earlier in 2023, Glaser most recently served for 10 years as president and CEO of Marsh McLennan.

"I would like to take this opportunity to thank Rudy Adolf for his vision in building Focus Financial into an impressive wealth management organization that always puts our clients' interests first. Rudy is an industry pioneer and leaves a strong legacy of innovation and entrepreneurship at Focus,” Glaser said in a statement. 

On August 31, funds affiliated with CD&R and Stone Point Capital completed the acquisition of Focus in an all-cash transaction for an enterprise value in excess of $7 billion.