Chicago-based specialty investment bank Ziegler has named Dan Hermann as its new president and CEO, effective March 31. Ziegler’s current CEO, Tom Paprocki, plans to retire that same day.

Hermann, who has spent the past 30 years at Ziegler, currently serves as the company’s head of investment banking. He will continue to serve in that role once he assumes the title of Ziegler’s president and CEO.

Additionally, Kevin Strom will be promoted to executive managing director and head of Ziegler Capital Markets on March 1. Angelique David, meanwhile, will be promoted to Ziegler’s executive managing director, COO and general counsel.

Strom and David have both worked at Ziegler for about 10 years.

“The board is confident that Dan, Kevin and Angelique comprise an exceptional executive team. We look forward to a seamless leadership transition and a strong 2018,” William D. McGuire, chairman of Ziegler’s board of directors, said in a Monday press release.

Written by Mary Kate Nelson