John K. Castle Elected CEO At Donaldson, Lufkin & Jenrette
NEW YORK (AP) _ Donaldson, Lufkin & Jenrette, an investment banking and securities firm, said Wednesday that John K. Castle, its president and chief operating officer, has been elected to the additional post of chief executive officer.
Castle, 44, will succeed Richard H. Jenrette as chief executive. Jenrette will retain his title as chairman of the board.
Castle joined DLJ in 1965 and became president in 1979.
The company said in a statement that its profit has increased for 22 consecutive quarters since Castle became president, bringing ″disciplined management and strong, consistent profitability to DLJ.″
Castle said in the statement that he expects the company to ″expand substantially″ over the next few years, citing the recently announced merger between DLJ and the Equitable Life Assurance Society of the United States.