Janney Montgomery Scott looks inward to promote new CEO

The large regional brokerage Janney Montgomery Scott has a new CEO.

Janney, which has $150 billion in assets under advisement and more than 900 advisors, announced Friday that it has promoted Tony Miller to be its next CEO. Miller will also keep his current title of Janney president.

He succeeds Tim Scheve, who served as Janney president from 2007 to 2023. Scheve is now joining the firm's board of directors.

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Miller joined Janney in 2002 and has served as director of internal audit, treasurer, chief financial officer and chief administrative officer. He is a member of the board for the Securities Industry and Financial Markets Association, serving on its private client and wealth management, capital markets and legal and compliance subcommittees.

"The future is bright at Janney, as evidenced by four consecutive years of record revenue — a testament to our commitment to delivering personalized advice and exceptional client service," Miller said in a statement.

Janney, which has 140 offices in 22 states — was acquired from the insurance firm Penn Mutual by the private equity giant KKR for an undisclosed amount last year. In the 15 years Scheve led the firm before the sale, Janney had seen its annual revenue soar by 127% to a record $980.8 million in 2022.