Matrix appoints new president, hires COO

October 31, 2022 By    

Matrix Capital Markets Group Inc., an independent investment bank, named Spencer Cavalier president of the firm.

He will continue in his role as co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group.

Headshot: Spencer Cavalier


Cavalier joined the firm in 1998 and has been a driving force in the growth of the firm’s Downstream Energy & Convenience Retail Investment Banking Group. He has served as a member of the board of directors for more than 10 years and has played a key role in the successful development of the firm, according to Matrix.

“It is an incredible honor for me to be named president and to continue working with our extremely talented and passionate team to build upon Matrix’s legacy of providing superior financial advisory and execution services to our clients,” Cavalier says.

Cavalier succeeds outgoing president Thomas Kelso.

“Spencer has made a tremendous impact at Matrix on many levels and is uniquely qualified to lead the company as it continues to grow and prosper,” says Kelso.

In addition, James Munsey has joined Matrix as COO. He will be responsible for the day-to-day operational policies and procedures of the firm, including strategic planning and implementation, human resources management, information technology and legal oversight, as well as office services administration.

Headshot: James Munsey


His career prior to Matrix included leadership in a diverse mix of companies and industries. Most recently, as COO of Connected Solutions Group, Munsey led the scaling of the company’s operations, human resources and finance with an employee count that grew from 30 to 250-plus over a three-year period. Munsey also served as regional vice president and business development officer at a subsidiary of First National Bank of Pennsylvania, structuring and funding mergers and acquisitions transactions, and as managing director at Light-VanAusdall Business Advisors. He received a bachelor’s degree in political science with a cognate in business administration from the University of South Carolina.

“I am beyond excited at the opportunity to join such a well-respected and dynamic firm,” says Munsey, who will be working in Matrix’s headquarters in Richmond, Virginia. “The professionals at Matrix have set the highest bar in attaining outstanding results for their clients, as well as providing an excellent culture within the firm. I look forward to supporting and building upon these efforts for many years to come.”

Headshot: Thomas Kelso


“We are extremely excited and fortunate that James has joined the Matrix team,” says Cavalier. “He is a natural leader and possesses the depth of experience and characteristics needed to be the COO of a growing, independent investment banking firm.”

Kelso will be stepping down as president and leaving Matrix effective Dec. 31. Kelso joined Matrix in 1997 and founded the Downstream Energy & Convenience Retail Investment Banking Group. He has served as a member of the board of directors for nearly 20 years and became president in 2017. In that capacity, he led the firm’s efforts to expand into health care and capital advisory investment banking.

Over his 25-year career at Matrix, he has shared his expertise and guidance with clients, served as a mentor to many team members and made substantial contributions to the growth and development of the firm, according to Matrix. Kelso will continue to be active in mentoring entrepreneurs by helping them grow their businesses, as well as continue his involvement in community and philanthropic organizations.

“Matrix is a great firm, and it has been my passion for many years,” says Kelso. “I will miss my incredible colleagues immensely, but it is time for me to step away and pursue the next phase of my career.”

“Tom’s departure from Matrix is bittersweet for all of us,” adds Cavalier. “While we are excited for his next chapter, we will miss his leadership, guidance and passion. As many know, Tom is a very remarkable and talented person who deserves the well-earned respect for helping to build Matrix into the firm it is today.”

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