In its third management reshuffling in a year, Invest Financial Corp. has elevated its marketing chief to oversee new and existing relationships with banks.
John R. Richter, who joined the company three years ago, was named executive vice president for sales and marketing.
He will continue to report to Merlin Gackle, the company's president.
Invest, based in Tampa, Fla., is a leading marketer of mutual funds and annuities, serving 240 bank clients.
As part of the restructuring, Invest eliminated the job of senior vice president Jeffrey Thornton, who oversaw new business development. Mr. Thornton did not return phone calls seeking comment.
His responsibilities were split among several employees, including Robert Summa, who was named a senior vice president. He will supervise four newbusiness managers in addition to signing new accounts himself.
In other key appointments: Bradley Grubb was named senior vice president and director of outsource senqces, a new position. He will oversee Invest's fledgling program to "unbundle" services, like due diligence, and offer them on an individual basis to banks.
Peter Motzenbecker was named vice president and manager of education and productivity. He will manage all uaining and continuing education. Mr. Motzenbecker replaced Robert Burke, who is returning to Chicago to take a spot with Invest's parent, Kemper Corp.
Invest's retrenchment, announced internally late last month, comes five months after the company released several top executives and regional managers. National sales manager Joel R. Kesner and operations director Ellen McCorckle were among those let go in the July retrenchment.
And last December, D. Mark Olson resigned as president of Invest.
Mr. Gackle said that this fall's staff shifts mark the completion of restructuring that began in July, when the company decided to "flatten" its management structure and place all sales operations under one person.
He said the changes free him to plan Invest's strategy and to spend more time in the field with current and prospective clients.
The latest regrouping was unconnected to plans by Conseco Inc. plans to acquire Invest's parent, Kemper Corp., early next year, Mr. Cackle added.
Mr. Richter said he wants to step up program productivity by helping sales representative and banks better serve investment product customers.
Invest has developed tools, such as continuing education and planners banks can use to plot programs a year out, to foster this drive, Mr. Richter said.
