Friess Associates, the force behind Brandywine Funds, is dotting the i's and crossing the t's on its succession plan. This week the firm passed the chief executive officer title to Bill D'Alonzo. He takes the position from founder Foster Friess.

Friess retains the title of chairman of Friess Associates and president of Brandywine Funds. He also is keeping a 34 percent stake in the firm, making him the largest individual shareholder.

The firm is an affiliate of Affiliated Managers Group (AMG). Friess has 10-year employment agreement with AMG and he is unable to sell the proceeds he received from AMG until 2011.

Day-to-day investment management decisions will continue to be overseen by Friess, D'Alonzo, John Ragard and Jon Fenn who are a part of an eight-member team.

The firm has also added John Dodd to take up client liaison responsibilities. He was most recently at Boston Company.  

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