Oppenheimer (OPY) AGM 2025 summary

Opening remarks and agenda

• Meeting called to order virtually at 4:30 P.M., with formalities and agenda outlined, including director elections and auditor ratification.

• Proxy statement and annual report for 2024 fiscal year made available to all shareholders.

Board and executive committee updates

• Albert Lowenthal announced stepping down as CEO, remaining as Executive Chairman; Robert Lowenthal to become CEO and retain President title.

• Robert Lowenthal's extensive experience within the company highlighted, including roles in IT, global fixed income, and investment banking.

Financial performance review

• 2024 revenue reached $1.4 billion, with net income of $71.6 million and EPS of $6.91.

• Wealth management contributed 69% of revenue ($972M), capital markets 31% ($447.6M).

• Shareholders' equity at March 2025 was $872.3 million; book value per share at $82.87.

• First quarter 2025 revenue was $367.8 million, net income $30.7 million, EPS $2.93, all up from prior year.

• Client assets under administration hit $129.9 billion; assets under management $48.9 billion.

• All long-term borrowings paid off by end of 2024; no outstanding long-term debt.

• Compensation expenses rose due to higher production-related costs and share price appreciation.

• 243,806 shares of Class A non-voting stock repurchased in 2024.