 In 1956, Jack Stephens was named president and CEO of Stephens Inc. and Witt left the firm to become president and chairman of Arkansas Louisiana Gas Company, while both retained their 50-50 share of Stephens Inc. Witt returned to Stephens in the early 1970s.Jack began to grow Stephens by providing private equity to many young growing companies, much in the way of the British Merchant Bank investing model, predating by decades the private equity endeavors of Wall Street firms.Jack's acumen as an investor was combined in remarkable fashion with his ability to form enduring personal relationships with his partners.