Securities regulators have included orders for Edward Jones to hire a fair-mined managing director by 2005 within their $75 million late-trading, revenue-sharing settlement with the firm, the St. Louis Post-Dispatch reports.
Douglas Hill, general managing partner, was unseated Monday as part of the firm's agreement with the Justice Department and U.S. Attorney General.
Within the nine-page settlement penned by U.S. Attorney Jim Martin lies a clause stipulating that Hill step down next year and ordering the firm to replace him with an "independent employee" who will abide by better professional conduct.
The settlement also maintains that Hill's replacement will report to "reconstituted executive committee," which currently includes Hill.
This week, the firm announced that two other members of the six committee members will leave by Friday for reasons unrelated to the mutual fund scandals.
Darryl Pope, who has reached the firm's mandatory retirement age, 65, and Michael Holms, 46, will step down. The firm released a statement explaining that Homes is leaving to pursue work in the non-profit sector.