Gleacher & Co. founder leaving

Associated Press

NEW YORK (AP) -- Gleacher & Company Inc. said Tuesday that Chairman Eric Gleacher is leaving the investment banking firm.

Gleacher, 72, has been chairman of the company since its acquisition of Gleacher Partners Inc. in 2009. He founded Gleacher Partners in 1990. Before that he founded the mergers and acquisitions department at Lehman Brothers in 1978 and headed the global mergers and acquisitions department at Morgan Stanley from 1985 to 1990.

Gleacher said in a statement that he decided that it was time to focus his attention and energy on some exciting business opportunities outside of the firm.

In December the company said it faced delisting from Nasdaq, after its shares traded below $1 for the previous six months. The firm is also considering a sale or merger.

Shares of the company were unchanged in midday trading at 76 cents.