More changes are in the works at Keefe, Bruyette & Woods Inc. The firm plans to add four new people to its board, while two longtime directors are stepping down.

The nominees include Thomas Theurkauf, a senior analyst who joined the firm in 1992; Joseph Lenihan, who heads fixed-income; Michael O'Brien, who has been in asset management for 15 years; and Frank Doyle, the freshly promoted head of the trading desk.

Vice chairman Charles H. Lott, who is chairman of the KBW Asset Management division and a founding member of the firm, said that he will not stand for reelection. Nor will Stanley T. Wells, a 30-year veteran, who plans to retire.

Keefe Bruyette & Woods' annual shareholder meeting will be held on April 27.Keefe Bruyette recently hired away the financial research team from Putnam Lovell.

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