In a telephone interview Wednesday, Jack Marco, chairman of Marco Consulting, confirmed what he described as Mr. Jones' abrupt departure.
Reached by telephone, Mr. Jones declined to comment, but in an announcement late Wednesday, Graystone Consulting confirmed that Mr. Jones had joined the firm as a senior vice president and institutional consulting director, focused on the Taft-Hartley marketplace.
Mr. Marco, who said Mr. Jones' departure on April 15 was a “big surprise,” noted that Marco Consulting had a “pretty solid” non-compete clause in its contract with the veteran consultant, who joined the firm in 1994.
He said Mr. Jones' title of president carried no functional responsibilities, and no one will replace him in that position.
Mr. Jones' 10% stake in the firm — the third biggest after Mr. Marco's 52% and Vice Chairman Thomas Mitchell's 26% — immediately reverted back to the company, effectively raising the shares of other stockholders, Mr. Marco said.
Mr. Jones' departure will delay Mr. Marco's plans to transition his remaining consulting relationships to other senior consultants at the firm by the end of 2011, Mr. Marco said. In recent weeks, Mr. Marco had said that transition would allow him to focus instead on running the business.
Some of the relationships overseen by Mr. Jones, who was based in Buffalo, N.Y., will be assumed by consultants in the firm's Boston office, but Mr. Marco said he'll be “taking back ones I used to have,” together with another consultant, and that arrangement is likely to continue beyond this year.
Mr. Jones' departure follows the recent decision by another senior consultant, Miguel Zarate, to move on, although Mr. Marco noted that Mr. Zarate is staying on for another few months to ensure a smooth transition.
Asked whether the departures of two senior consultants in the span of a month reflected deeper issues that could threaten Marco Consulting's stability, Mr. Marco said he had spoken with everybody at the firm since April 15 and “everybody is very committed” to the firm.