Alex. Brown's vice chairman is leaving

Decision follows loss of chairman in Sept.

November 20, 2001|By Bill Atkinson | Bill Atkinson,SUN STAFF

George P. Stamas, a former top corporate attorney, will resign as vice chairman of Deutsche Banc Alex. Brown by year's end to become a senior adviser at New Enterprise Associates, the Baltimore venture capital firm .

Stamas, 50, will join NEA as a part-time adviser. He will work with NEA's information technology and medical and life sciences investment teams and sit on several company boards on behalf of the firm.

"He is a good cultural fit with NEA," said Peter Barris, managing general partner of NEA, which oversees $4.9 billion in assets for investors. "[Stamas] will lead us to deals ... and will be a great value-add."

Stamas' announcement comes just two months after Mayo A. Shattuck III, chairman of Deutsche Banc Alex. Brown, resigned from the firm.

Last month, Shattuck was named president and chief executive of Constellation Energy Group Inc. of Baltimore, the parent of Baltimore Gas and Electric Co.

Deutsche Bank officials have recently been critical of Alex. Brown's performance, blaming the Baltimore branch for declining profits.

Stamas said his resignation is "unrelated" to Shattuck's departure.

At Deutsche Banc Alex. Brown, Stamas headed the company's investment banking in the mid-Atlantic region for nearly two years. He opened investment banking offices in McLean, Va., and Washington. But those offices are now being reviewed and could be consolidated.

Weeks ago, he helped put together America Online Inc.'s minority investment in Aether Systems Inc. of Owings Mills. And he helped supervise a number of large relationships for the company that included Reuters, AOL and Commerce One Inc.

"We wish him the best in his new endeavor," said a spokeswoman at Deutsche Banc Alex. Brown.

Stamas won't sever ties with the company. He was named to the advisory board of DB Capital Partners, the private equity arm of Deutsche Bank AG, the banking giant based in Frankfurt, Germany.

Stamas, who was approached by NEA, said a factor that attracted him to NEA is that he will work with smaller companies: "My strengths are more along the lines of the ... mid-cap atmosphere."

Since Deutsche Bank acquired Alex. Brown along with Bankers Trust Corp in June 1999, the company has worked to generate more investment banking business from bigger companies, a sharply different strategy from Alex. Brown's small and midsize company niche.

Before taking a job at Alex. Brown, Stamas was a prominent corporate lawyer in Baltimore at Wilmer, Cutler & Pickering, and before that with Piper, Marbury, Rudnick & Wolfe.

He is known for his work in mergers and acquisitions and for taking companies public. In 1993, he helped Peter G. Angelos put together a group of investors to buy the Baltimore Orioles. Stamas sits on the Orioles' board of directors and is an investor in the team.

Stamas helped take public Sinclair Broadcast Group Inc. of Hunt Valley in June 1995.

Four years later, he helped shepherd the initial public offering of Aether Systems Inc., raising $100 million for the wireless data company.

The same year, he advised Ted Leonsis, vice chairman of AOL, in purchasing the Washington Capitals of the National Hockey League.

Stamas said he is mulling over some "more full-time opportunities."

"I am considering some options that would work well with NEA and DB Capital," he said.

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