Lane Named President of Shearson

Jeffrey B. Lane, 44, has been named president of the Wall Street investment firm Shearson Lehman Bros. Inc., it was announced Wednesday.

Lane, who had been a vice chairman at the firm, will continue as Shearson’s chief operating officer, the company said in a statement. The position of president had been vacant.

Shearson also announced that four executives heading the company’s operating divisions have been named chairmen of their respective areas.

Hardwick Simmons was named chairman of the private client group, Herbert S. Freiman was appointed chairman of the capital markets division and Sherman R. Lewis and Peter J. Solomon were named co-chairmen of the investment banking division.

The appointments represent a formalizing of their titles and will not involve any change in their responsibilities, Shearson said.

In addition, David S. Hershberg was promoted to vice chairman from senior executive vice president, the company said.

“These appointments have been made in recognition of the increased size and complexity of our business and the broadening scope of Shearson Lehman’s activities,” said Peter A. Cohen, the firm’s chairman and chief executive.