Invest Financial Corp., a leading marketer of investment products through banks, has created a new chief administrative officer position following a streamlining of top executive jobs.

The Tampa, Fla.-based company named to the post Richard W. O'Donnell, executive vice president, formerly the chief financial officer at Kidder, Peabody & Co.

Mr. O'Donnell is responsible for the accounting, legal, information, technology, human resources, facilities and telecommunications units. Many of these departments were overseen by the former chief financial officer, Lewis Newtson, and other executives who were laid off in August.

A native of New Jersey, Mr. O'Donnell holds several degrees from Rutgers University, including one in law as well as a masters in accounting and finance.

"He will play a major role in strategic growth and development," said Merlin R. Gackle, chairman and chief executive of Invest, in a statement.

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