Chicago-headquartered Hightower, a registered investment advisor (RIA), announces new CEO to replace Bob Oros.

Hightower confirmed yesterday that Larry Restieri (pictured) has officially taken the reins as its chief executive officer and a member of the board of directors, succeeding Bob Oros, Hightower's CEO since 2019. 

Although questions remain, in February, Hightower said that Oros planned to step down as CEO. Simultaneously, the firm named Restieri, who had been a partner at Goldman Sachs and CEO of its Ayco business, as his successor.

“Hightower is positioned for transformational growth. We have a tremendous community of advisors, and I’m committed to working with our talented advisory practices to win together as a team,” said Restieri. He will focus on increasing scale to achieve outcomes for advisors and end-clients.

Restieri brings experience in growing and scaling wealth management businesses, having served most recently as CEO of Ayco, a Goldman Sachs company that specializes in workplace financial planning and private wealth advisory services. During his tenure, he played an important role in modernizing the firm’s businesses, deepening its client relationships and driving growth, the firm said. In addition to leading Ayco, Restieri spent more than two decades at Goldman Sachs in a variety of leadership roles, across wealth and asset management.

Oros will remain a member of the board, in a bid to ensure continuity and a transition for the firm’s growing client base, which now has about $308.2 billion of assets under management.