Frank Campanale, recently ousted from his chief executive officer position with Smith Barney's consulting group, has agreed to stay on in an advisory role with the firm, sources tell MME. Sources did note however, that no contracts had been signed as of late last week, and a Smith Barney spokeswoman was unable to confirm the developments as of press time.
And in spite of published reports that Smith Barney removed Campanale as CEO to pave the way for Smith Barney to push its proprietary products, industry insiders said his ouster was the culmination of growing tensions at the firm. The prevailing school of thought among several industry watchers is that decision-makers at Smith Barney clashed with Campanale's strong-willed personality and his penchant for standing up for what he believes in. While these traits led to Campanale's success as one of the most important leaders in the SMA industry, his unwillingness to change his approach led to friction as Smith Barney's corporate culture evolved, industry executives said.