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.

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