Richardson GMP said Wednesday it has named Winthrop Smith Jr. as chairman of the board, replacing Sue Dabarno, who left the GMP Capital Inc. (GMP.T, GMPXF) wealth unit last year following a management shakeup.

Andrew Marsh, who became Richardson GMP's chief executive in April 2010, replacing James Werry after the shakeup, is joining the board, according to a company statement.

Kevin Sullivan, deputy chairman of GMP Capital; Sandy Riley, president and chief executive of Richardson Financial Group; and Mark Begg and Robert Panes, who are both investment advisers at Richardson GMP, will remain as board members, Richardson GMP said.

The appointment of Smith, who headed Merrill International and is the son of a founding partner of Merrill Lynch--now part of Bank of America Corp. (BAC)--signals his return to the retail brokerage industry, but this time in Canada.

Smith, who was with Merrill Lynch for almost 30 years, left the company after losing the top spot to former Merrill chief Stanley O'Neal in 2001. He hasn't joined a retail brokerage firm in the U.S. since then, but served on the board of Richardson Partners Financial prior to the merger with GMP Private Client in 2009 that formed Richardson GMP.

Smith is also chairman and chief executive of Summit Ventures NE LLC, and president of Sugarbush Resort in Vermont.

-By Evelyn Juan; Dow Jones Newswires; 416-306-2025; evelyn.juan@dowjones.com
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