Paul Reynolds, president and CEO of Toronto-based Canaccord Genuity Group Inc. (TSX:CF), is in the hospital following an unexpected medical emergency during a family vacation. The firm has announced he is in serious but improving condition.

Canaccord Genuity Group’s chairman, David Kassie, will assume the role of CEO until Reynolds is able to resume his duties.

“We are optimistic for Paul’s full and speedy recovery,” says Kassie. “He is awake and responsive and with his family by his side.”

Reynolds’ family has requested privacy at this time.