A Midwestern mutual fund shop's chief just named his successor as CEO. Yet the founder isn't going anywhere.

John W. Thompson, the 72-year-old president of Thompson Investment Management [profile], confirms that on March 31 he himself will become chairman of the Madison, Wisconsin-based firm while 40-year-old Jason Stephens rises to CEO. Thompson will continue to serve as president of his eponymous, no-load mutual fund firm and of the Thompson IM Funds, while Stephens will also become CEO of the funds.

The Milwaukee Journal Sentinel also covered the news.

Stephens serves as chief operating officer of Thompson Investment Management, a title he says "will just be eliminated" when he gets promoted next week. The 13-year company veteran co-PMs the shop's three mutual funds alongside fellow co-PMs James Evans (chief investment officer) and Thompson himself. Stephens says there is "no change in operations."

"We manage the firm as a team," Stephens tells MFWire, pointing to himself, Evans, Thompons, and vice president Penny Hubbard. "This is really just a natural transition of titles ... There's nothing material changing at the firm."

"My goals with these promotions are two-fold. First, I'm happy to publicly recognize Jason [Stephens] for his ongoing expertise in managing the firm," Thompson states. "At the same time, I'm excited to shed various administrative responsibilities and dedicate more of my time to managing our three mutual funds and individual client accounts."

Thompson Investment Management now has more than $3.5 billion in assets under management. It has a team of 18. 

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