Lehman Brothers Holdings Inc. CEO Richard S. Fuld Jr. (pictured) will relinquish his title at year end and receive no bonus or severance payments. The investment bank filed for Chapter 11 on Sept. 15 after overexposure to real estate, and a bonus would have been illegal under bankruptcy law. Fuld, who has been with Lehman since 1969 and has been CEO since 1993, will remain nonmanagement chairman of the board.
Running things now is Bryan Marsal of Alvarez & Marsal, who was named chief restructuring officer in mid-Sept. Marsal and his management team are handling the restructuring of LBHI and its subsidiaries during the Chapter 11 process. The team includes David Coles, financial; Jim Fogarty, wind-down team -- transitional services, communications and employee matters; Jeff Fitts and Jerry Pietroforte, real estate; Martin Winter, derivatives; Doug Lambert and Jeff Sell, loans; Jack McCarthy, private equity; Daniel Ehrmann, international operating companies; Al Lakhani, forensic technology; and Philip Kruse, forensic analysis.
Lehman Brothers also hired Weil, Gotshal & Manges LLP as its legal adviser.
Kohlberg Kravis Roberts & Co. said Jesús Olmos Clavijo joined the firm as a managing director and head of infrastructure in Europe. Based in London, he arrives from Spain's No. 2 power utility, Endesa SA, where he was a managing director for corporate development. He was a member of the executive board, responsible for corporate mergers and acquisitions and operations outside Spain and Latin America. From 2004 to 2008, Olmos was CEO of Endesa Europa. He joined Endesa in 1991.
Infrastructure investment manager Industry Funds Management Pty. Ltd. tapped Alec Montgomery, former managing director and head of infrastructure finance at Royal Bank of Scotland plc, as executive director, U.S. Michael Thompson, who was executive director of infrastructure for IFM in Melbourne, Australia, was appointed executive director, U.S. They are based in New York.
Mauricio Melzi was named a senior investment director.
Fund of hedge funds Ivy Asset Management Corp. brought in Robert Murphy as director, investment strategies group. Murphy joins Ivy from Meridian Capital Partners Inc., where he was a partner and member of the portfolio management group. Previously, Murphy held senior fixed-income investment banking positions with A.G. Edwards, Cowen and Co. LLC, Donaldson, Lufkin & Jenrette Inc. and Bear, Stearns & Co.
Commercial finance company Tygris Commercial Finance Group Inc. hired Lawrence Hund as chief financial officer, reporting to CEO Frederick Wolfert. Prior to this, Hund was vice president and CFO of Bridge Finance Group. He was previously vice president of operations and CFO at Harley-Davidson Financial Services Inc.
In New York, independent futures brokerage R.J. O'Brien and Associates LLC hired Joseph Murphy as executive vice president of the firm and president of the Americas. Murphy spent six years at Refco Inc., most recently as president of Refco Futures. Before that, he helped build the futures and cash businesses of HSBC Securities (USA) Inc. and Chase Manhattan Bank. He began his career in 1983 at Chase Manhattan.
Truffle Capital enlisted Antoine Pau as an investment manager, life sciences. Pau spent the last three years at Mazars LLP, an international audit firm, where he audited pharmaceuticals and biotechnology companies and investment funds. Prior to Mazars, he worked for the business planning analysis department of Novartis AG.
Institutional Venture Partners, a late-stage venture capital firm, added Christopher Esqueda as a controller. Esqueda was a controller at PS'Soft Inc., a provider of asset management, service management and software license compliance solutions.
Miller, Canfield, Paddock and Stone plc opened a China office. Principal Thomas Appleman will lead the firm's Shanghai office and its Asia initiative. Appleman, a 27-year veteran in corporate and securities law, has assisted automotive and manufacturing firms with domestic and international mergers and acquisitions, joint ventures, inbound and outbound investments, financings, regulatory compliance, licensing, contract negotiations and dispute resolution. He will be joined by life sciences attorney Weisun Rao, who specializes in patent law and intellectual property transactions.
Separately, the firm said Marco Dolfi and David McNevin joined its Windsor, Ontario, office as principals. Dolfi covers corporate law, focusing on M&A, secured lending and inbound investment into Canada. McNevin is a labor and employment lawyer. Both were previously with Ducharme Fox LLP.
Partner Joy Arnold and special counsel Bhavana Joneja joined the New York office of Sheppard Mullin Richter & Hampton LLP in the firm's intellectual property practice. Both arrive from Heller Ehrman LLP.
In Orange County, Calif., Stephanie Brecher joined the firm as a partner in the corporate practice. Brecher previously practiced at Bingham McCutchen LLP. Also, corporate partner R. Marshall Tanner rejoined the firm in that office.