After 46 years with Waddell & Reed Financial [profile], chairman Henry Herrmann is saying goodbye in the spring.

Yesterday after the market closed, CEO and chief investment officer Phil Sanders, 57, confirmed that Herrmann, 75, will retire from the Overland Park, Kansas-based broker-dealer and asset manager's board of directors when Waddell holds its annual stockholders meeting in April. Eight-year independent director Tom Godlasky will take Herrmann's place as chairman.

The Kansas City Business Journal covered the news.

Word of Herrmann's impending retirement comes less than a week after Sanders confirmed the departure of executive vice president and chief marketing officer Tom Butch, who also serves as president of Ivy Distributors, Inc. [profile] (Waddell's mutual fund distribution arm) and as president of Waddell & Reed, Inc. (Waddell's B-D subsidiary). Nikki Newton succeeds Butch atop IDI, while Shawn Mihal takes over WRI.

Herrmann rose to CEO in 2005, and he became chairman in 2010. Last year he passed the CEO job to Sanders. 

Edited by: Neil Anderson, Managing Editor


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