Son of Penson Stepping Down
August 18, 2010
The "son" in Penson is retiring.
Daniel P. Son, co-founder of Penson Worldwide, is stepping down as its president at the end of August.
The man who co-founded the Dallas-based provider of services to financial firms ranging from execution to clearing to custody to technology infrastructure products along with Philip "Pen" Pendergraft said he wants to slow down.
Daniel P. Son
“After 38 years in the securities industry and past the age of 70, I now look forward to spending a little more time with my family,” said Son, in announcing his retirement.
Son will remain a member of the board through 2011 and its nonexecutive vice chairman. He also signed a consultling agreement, to provide advice in areas such as correspondent, regulatory and media relations through 2012.
“Dan and I have been close, business partners for 20 years, having spent the last 15 years building Penson from three correspondents and nine people to approximately 400 correspondents and 1,000 people,” said Pendergraft, the company’s chief executive officer. “His contribution to our success is immeasurable.”
Son served as Penson’s president and a member of its board since September 2000. Prior to that, he served as president and a member of the board of predecessor entities, dating back to when he, Pendergraft and Roger Engemoen, the company’s chairman, founded Penson in 1995.
The name Penson is a combination of Mr. Pendergraft’s and Mr. Son’s last names.
In July, Penson announced a loss of $7.4 million or 29 cents a share for its second quarter. But $4.8 million of that was related to the acquisition of Ridge Clearing contracts from Broadridge Financial Solutions.
