NationsBanc Montgomery Securities has reshuffled its equities team.
Montgomery senior managing director Kent A. Logan has been appointed head of equities, a new post. He had been the firm's director of equity sales since 1991.
Mr. Logan said his new role is needed because bank mergers caused the firm to expand beyond its original emphasis on equity underwriting.
"In the old days, the CEO was effectively the head of equities," Mr. Logan said.
Mr. Logan will be based in San Francisco and report to the firm's new chief executive, Lewis Coleman. The former chief executive officer, Thomas Weisel, left Montgomery in September.
Scott Kovalik was named director of equity trading, succeeding Robert Kahan, who left Montgomery a couple of weeks ago.
"Bob fully participated in the discussions about the reorganization," Mr. Logan said. "Bob elected to leave. He found it difficult to adjust to the new structure."
Since the merger Sept. 30 of Montgomery's former parent company, NationsBank Corp., with the old BankAmerica Corp., several senior executives have departed the San Francisco securities firm. Mr. Kahan was the latest of these since the departures in September of Mr. Weisel and executive committee member Jerome Markowitz.
Mr. Logan said the reorganization of the firm's equities division takes into account that it is now part of a much larger entity. He said the new BankAmerica, based in Charlotte, N.C., plans to make a major investment in the equities division, roughly doubling the staff of 760 within three years.
"Our goal is to be one of the top five investment banks," he said, "and to be the top investment bank among BankAmerica and NationsBank clients."
Craig R. Johnson, who was director of domestic institutional sales, has taken Mr. Logan's former post as director of equity sales.
John Skeen, Montgomery's director of equity research since 1991, was named director of portfolio strategy.
Thomas A. Thornhill was appointed to succeed Mr. Skeen. Guy Lampard was named marketing director for the equity research group, another new post. He reports to Mr. Thornhill.
"The new structure allows us to delegate responsibility downward and really invest in developing younger professionals with management capability," Mr. Logan said.
Except for Mr. Skeen and Mr. Lampard, these executives now report directly to Mr. Logan.
Both Mr. Logan and Mr. Skeen remain members of Montgomery's executive committee.