InvestorForce lost two more top officials. Lawrence E. Davanzo, executive vice president and head of the West Coast office, and Nina Lesavoy, executive vice president and head of sales, resigned as of Aug. 1. The departures were by mutual consent, said InvestorForce President Jim Morrissey. Neither Mr. Davanzo nor Ms. Lesavoy has firm plans, although both said they plan to remain in the investment business.
Mr. Morrissey said the firm is consolidating operations in its Wayne, Pa., office, while the Los Angeles office, where Mr. Davanzo was located, has only a few employees left since the companys downsizing this spring. He said the evolution of the firm into a technology company and the shrinking West Coast office were contributing factors in his departure.
"This is something weve talked about; it was very mutual as to what Larry would contribute to the organization, Mr. Morrissey said. "We have evolved into a technology company, and Larrys skill set is not in launching technology products.
He said Ms. Lesavoys background in the institutional marketplace is "relationship-driven, while the InvestorForce sales and marketing model is more "technology-based.