Kim S. Fennebresque, Chairman and Chief Executive Officer of Cowen Group, Inc., Retires After 10 Years

NEW YORK, March 4 /PRNewswire-FirstCall/ -- Cowen Group, Inc. (Nasdaq:COWN) today announced that its Chairman and Chief Executive Officer, Kim S.Fennebresque, is retiring as Chief Executive Officer after 10 years withthe firm, effective immediately. Mr. Fennebresque will become Non-ExecutiveChairman of the Board. David M. Malcolm, current Executive Vice Chairman,has been appointed President and Chief Executive Officer, effectiveimmediately. Mr. Malcolm has also been appointed to the Board of Directors. Board member and Lead Director John E. Toffolon, Jr. said, "GregMalcolm is the ideal person to lead Cowen at this time. He has animpressive background in the industry, and his unique skills and experiencehave served Cowen well during his past 12 years with the firm. He and Kimwere a formidable team, and I look forward to the leadership and insightthat Greg will provide as we continue to grow on the solid foundation thatKim put in place." Mr. Fennebresque concurred, saying, "It has been my privilege to leadthis great firm for the past 10 years. I have been the beneficiary of thehard work and dedication of countless colleagues. I am confident that underGreg's leadership Cowen will successfully weather these difficult marketsand flourish in the years ahead." In accepting Mr. Fennebresque's retirement, the Board of Directorsexpressed appreciation for his years of leadership, service and dedication.Mr. Toffolon said, "I have worked with Kim for many years and haveexperienced firsthand his integrity, his leadership and his understandingof the industry. We will miss him as CEO, however, I am pleased that wewill continue to have the benefit of his guidance as Non-Executive Chairmanof the Board." About Cowen Group, Inc. Cowen Group, Inc., through Cowen and Company, LLC and CowenInternational Limited, provides investment banking services, includingunderwriting and other capital raising solutions, equity research, sales,trading and mergers and acquisitions advice, to emerging growth companiesin sectors including healthcare, technology, media and telecommunications,aerospace and defense, consumer and alternative energy.
For further information, contact: Jean Calleja Cowen Group, Inc. Media Relations 646 562 1888 Jean.Calleja@cowen.com