Industry & Services >> Analyst Interviews >> April 17, 2000

Business Security Stocks: Jeff Kessler – Lehman Brothers

JEFF KESSLER, Senior Vice President, Business Services Equity Research at Lehman Brothers, has been a leading business services analyst on Wall Street with a unique group of coverage of 20 companies in business and commercial services. He is the recognized Wall Street expert on security companies with six such companies under coverage. Mr. Kessler has been a pioneer in bringing investment community recognition to the coverage of commercial business services companies. He is frequently quoted in business services and security trade journals and in financial publications, such as The Wall Street Journal. Mr. Kessler has also been involved in numerous M&A transactions, including the merger of Decision Servcom with Bell Atlantic Business Services, the watershed sale of ADT Security to Tyco lntl., and of Cendant's (PHH) vehicle fleet leasing business to Avis, as well as 33 secondary equity offerings. He began his career in the securities industry in 1979 as a Securities Analyst with Argus Research Corp., the largest provider of third party research to brokerage firms. He moved to Cowen & Co. in 1985, and joined Lehman Brothers in 1989. Mr. Kessler earned his BA (1973) and MA (1978) in Economics/Political Science at McGill University in Montreal, Quebec. He also earned a MS in Journalism (1975) from Columbia University. Mr. Kessler is a Chartered Financial Analyst. Profile
TWST: Jeff, how do you segment your business services group for purposes

of analysis? What do you include under the banner of security and

protection?

Mr. Kessler: Business security is a