Knowlton Parts Ways With First Union –

David Knowlton is parting ways with First Union Corp. after reportedly being dissatisfied over rank and file issues. It was reported that Knowlton was dissatisfied with being told to report to Kevin Roche, who was recently named head of leveraged finance at First Union. Knowlton previously reported to the heads of investment banking at First Union in New York and was reportedly unhappy about the change.

During his tenure at First Union, Knowlton was most notably involved in arranging a $225 million financing for the acquisition of the New York Jets professional football team by Robert Wood Johnson IV for $635 million and advising Kohlberg, Kravis, Roberts & Co. on its acquisition of NewSouth Communications Corp. for $125 million.

A company spokesperson confirmed that Knowlton was resigning but declined to cite any reasons for the resignation. “We are very much committed to our private equity client group,” said the spokesperson. Knowlton and Ed Imbrogno co-led First Union’s efforts to finance leveraged buyouts and other equity investments. Imbrogno will continue to lead the effort and there are no plans to replace Knowlton, said the spokesperson. “We certainly wish him well,” she said.