After 32 years on top Chuck Royce is relinquishing one of his hats, but he's not going anywhere.

Charles M. Royce Royce & Associates, LLC Outgoing President, Chairman- and CEO-Designate

Today the 73-year-old founder of Legg Mason subsidiary Royce & Associates [profile] revealed that, on July 1, he will step down as president of Royce while becoming chairman and CEO. Co-chief investment officer Chris Clark, who joined Royce in 2007 after working with UBS, Turnstone Capital and Morgan Stanley, will fill the founder's shoes as president.

"Over the past year, we have purposely expanded our leadership team with the intent to provide a strong and stable future for Royce and its investor," Royce stated, describing Clark as "an integral member of the firm's senior leadership team." "Chris is joined by a strong team of next-generation leaders in our core areas that will enable Royce to maintain its reputation in the marketplace."

Christopher D. Clark Royce & Associates, LLC Co-Chief Investment Officer, President-Designate

In addition to Royce himself and Clark, that team includes: John Deneen, general counsel; John Diederich, chief operating officer; Francis Gannon, co-chief investment officer and managing director ; Whitney George, director of investments, managing director and PM; and George Wyper, managing director and PM. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE