James Stowers III
will be leaving American Century
to pursue opportunities outside of the mutual fund firm. Stowers III, who is the son of American Century founder James Stowers, Jr.
, did not provide details of the new venture. He is the most high-profile of a number of executives who have recently left the Kansas City-based mutual fund firm. Stowers had served as chairman of the board.
However, his resignation should not come as a surprise. Stowers III had left his day-to-day duties at the mutual fund firm in 2004 even as he kept a hand in the business as the chairman. In February, he stepped down as board chairman and was replaced by Richard W. Brown
, who serves as co-chair with Stowers Jr.
Now Stowers III has resigned his board seat in order to focus on what he calls exciting business opportunities. He does still retain an equity stake in the mutual fund firm.
Stowers III spent 26 years at the firm his father founded in 1958. During that time he served as a portfolio manager, executive and board member and chairman.
"American Century and I literally grew up together," said Stowers III. "When I first joined the company we were managing only three mutual funds and had less than a billion dollars in assets."
Stowers said he worked with senior management to develop a succession plan that has been implemented during the past year. As part of the plan, Jonathan S. Thomas
took the posts of president and CEO in June after the retirement of Bill Lyons
Also, Enrique Chang
became chief investment officer and Barry Fink
was named chief operating officer. Chang took over for Mark Mallon
who retired in February of this year.
The recruitment of Mark On
and Stephen Lurito
as chief investment officers over the international equity and U.S. growth equity disciplines, respectively, was also part of the plan, stated Stowers.
Stowers III started at the company in 1981, shortly after graduating from Arizona State University with a bachelor of science degree in finance.
He has since served in a variety of senior leadership and investment management positions including portfolio manager, president, chief executive officer, chief investment officer over the U.S. growth equity discipline and most recently chairman of the board.
Correction: An earlier version of the story incorrectly stated that Stephen Lurito took over for Harold Bradley.
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