Former vice chairman of Schwab joins digital revolution; Ronald Readmond Invests in Wit Capital and Becomes Director.NEW YORK--(BUSINESS WIRE)--January 29, 1997--Wit Capital Corporation, the nascent investment bank and brokerage firm dedicated to arranging the public offering of securities through the Internet, today announced that Ronald Readmond, recently retired Vice Chairman of Charles Schwab Charles Schwab can refer to:
Wit Capital, founded last year by former Cravath, Swaine & Moore attorney Andrew Klein, plans to offer individual investors direct access to public offerings and venture capital investments. The firm's technology, including a digital trading mechanism, has been developed under the direction of Christopher Keith, a former chief technology officer at the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based company expects to commence operations in the second quarter of 1997. "Mr. Readmond offers Wit Capital a depth of knowledge and experience of the brokerage business that few firms - and certainly no start-up - can claim. We are honored and encouraged by the confidence he has in our venture," said Mr. Klein, who in 1995 completed the world's first Internet IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. for his microbrewery mi·cro·brew·er·y n. pl. mi·cro·brew·er·ies A small brewery, generally producing fewer than 10,000 barrels of beer and ale a year and frequently selling its products on the premises. Also called boutique brewery, brewpub. , Spring Street Brewing Co. As Vice Chairman of Schwab, Mr. Readmond was responsible for Capital Markets & Trading as well as strategic acquisition and industry relations. He also served as a member of Schwab's Management Committee and as a director of its Mayer & Schweitzer market-making subsidiary. Formerly he served as the discount broker's Executive Vice President of Operations, Trading & Credit and as Senior Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . From 1970 to 1989, Mr. Readmond worked at Alex Brown Alex Brown may refer to:
"Wit Capital is pioneering a new paradigm New Paradigm In the investing world, a totally new way of doing things that has a huge effect on business. Notes: The word "paradigm" is defined as a pattern or model, and it has been used in science to refer to a theoretical framework. through which, as a result of the Internet, issuers and individual investors should find vast new opportunities," said Mr. Readmond. "Given the program Klein, Keith and their colleagues have constructed, I would not bet against their vision. On the contrary, I share their excitement that retail will once again play a significant role in the capital formation process." Mr. Readmond has served as Co-Chairman of the US Working committee on Clearance and Settlement of the Group of 30, as a Member of the New York Stock Exchange Operations Advisory Committee and the Nominating Committee of the Options Clearing Corporation. He is also the former Chairman of the Board of National Securities Clearing Corporation and former Director of both Government Securities Clearing Corporation and International Securities Clearing Corporation. He is a past member of the Securities Industry Association Operations Committee where he also served as Chairman. He is a past Director of NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). Market Services, Inc. and has served as Co-Chairman of the New York Stock Exchange Rule 287 Implementation Committee and the Ad Hoc Committee ad hoc committee A committee formed with the purpose of addressing a specific issue or issues, which theoretically is disbanded once its raison d'etre is finished of Beneficial Owners. Currently, Mr. Readmond is with Barbour Griffith & Rogers in Washington, D.C. He also serves as Chairman of Meridian Emerging Markets Ltd., Chairman of Common Sense for American, a Director of the American Council for Capital Formation and Chairman of International Equity Partners, L.P., a private equity and project development company. Mr. Readmond received his B.A. in Economics from Western Maryland College in 1965. From 1965 until 1970, he served in the U.S. Army earning the rank of Captain. CONTACT: Michael Saunders, 212-358-0734 |
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