Munder Capital Management, located in Birmingham, Michigan, said it has appointed Michael T. Monahan as temporary chief executive officer. A formal search is ongoing for a permanent replacement for former CEO Paul D. Tobias who left the company.

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Lee Munder, chairman and company founder, said in a statement that he will also assist in the operations of the firm during the transition.

"We are excited about the future of Munder Capital Management," said Munder. "We are fortunate to have Mike Monahan lead our team on an interim basis, and we anticipate the position of CEO will attract some outstanding, world-class candidates."

Monahan, president of Monahan Enterprises, LLC, was the president of Comerica Incorporated from 1993 until June 1, 1999. Comerica is a major shareholder of Munder Capital Management. 

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