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Rating:Stowers Relinquishes CEO Post Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, September 20, 2000

Stowers Relinquishes CEO Post

Reported by Sean Hanna, Editor in Chief

American Century's largest outside shareholder may be going through an merger, but that isn't stopping James Stowers III from following his passion and concentrating on investment management. Last week J.P. Morgan, which owns 45 percent of the Kansas City and has an option two by another 5 percent of the firm, was acquired by Chase last week.

This week's news, which would have been last week's news if not for the J.P. Morgan news, is that Stowers III, 41, is stepping aside as chief executive and focusing on his role as co-chief investment officer. He is also taking a step up from vice chairman to co-chairman of the business along with his father James Stowers, Jr. and will remain on the portfolio management teams for the American Century Ultra and Veedot funds.

He plans to spend more time on investment oversight, investment process innovation and new product development.

President William M. Lyons, 44, will take over Stowers III's role as chief executive officer, while C. Kim Goodwin, 41, senior portfolio manager of the American Century Growth fund, joins Stowers III as co-chief investment officer for the company's domestic growth equity discipline.

These change have been in the works for a while and have nothing to do with the deal between J.P. Morgan and Chase, said Chris Doyle, a spokesperson for American Century.

Doyle explained that the changes are "about letting Jim Stowers III focus on what he does best -- the investment management side of the business." Stowers III has been a money manager at American Century since 1981.

Lyons, who will retain his president title, has been acknowledged as more interested in managing the business and strategic areas of the firm while Stowers III is more interested in the investment management aspects of the business. He likened Lyons taking the chief executive officer title to a sheriff finally getting his badge.

Goodwin is being promoted to the role of co-chief investment officer in recognition of her performance at the Growth fund.

"In her three years at American Century, Kim has distinguished herself as both a skilled portfolio manager and respected leader and mentor," said Robert C. Puff, Jr. "Her dedication to achieving the best results possible for our investors is exemplary. We congratulate Kim on this much-deserved promotion."

"The broadening of Kim Goodwin's responsibilities, combined with Bill Lyons' move into the role of CEO, allows me to focus my attention on further enhancing our successful growth discipline, an area where I believe I can add the most value for our investors," said Stowers III. "Leveraging American Century's earnings-acceleration screening system, I will spearhead the development of the next generation of innovative portfolio management technologies, which will serve as the foundation for future investment products."  

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