The 21st century thus far has just not been kind to Putnam
. Mired in an endless cycle of poorly performing funds, scandals concerning its ceo's pay, and the departure of top talent, Putnam seems to be unable as of yet to come back swinging. And the latest news does not help its cause. Vincent Esposito, managing director and head of mutual fund sales, is stepping down from his post. This news comes courtesy of The Boston Globe
The paper reports that though paradoxically Esposito has resigned he has not yet parted ways from the firm. Putnam has notoriously strict noncompetes for former employees that can last up to two years. That might explain the limbo Esposito currently finds himself in.
Esposito worked with broker/dealers and advisors. The paper did not indicate that any replacement had been named.
A spokesperson at Putnam would not comment on the story.
Related Links: Putnam Woes Continue, 4/23/02 A Golden Ball and Chain?, 4/3/02 Putnam Ends Eleven, 3/18/02 Putnam Exec at Deutsche, 3/13/02 Putnam Fires Fund Manager, 1/23/02 Putnam Merges Units, 12/11/01
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