Tom Florence recently promoted his right-hand executive, delegating some duties to the eight-year 361 Capital [profile] veteran. And another exec is on the rise at the Denver-based mutual fund shop.

Thomas Ibberson Florence 361 Capital Chairman, CEO

Florence, previously both president and CEO of 361, confirms that last month he promoted Josh Vail, formerly senior vice president and director of sales, to president of the company. Florence also promoted Toller Miller to vice president and director of sales.

Vail continues to report to Florence, who in turn continues to serve as chairman and CEO. Miller, who joined in January as director of sales in the southeast, will report to Vail.

Joshua Jaye Vail 361 Capital President

With Vail's promotion, 361's distribution and operations teams will all report up to Vail.(Vail will also oversee product.) Florence, meanwhile, will oversee investment and financial sides of the business. He confirms that the change was "not a quick decision."

"I've been working on this probably close to two years," Florence tells MFWire. "I was hoping that Josh would be able to develop into the role, and he really has."

Toller Converse Miller 361 Capital Vice President, Director of Sales

"He and I have worked together very closely for over eight years," Florence adds. "His growth and his maturation allowed me to really promote him."

Vail's promotion also frees up Florence to focus "less on the day-to-day," he says.

"I can focus now on business strategy and growth and other key drivers that could potentially help the company," Florence says. "It's always good to have somebody else that can handle key decision making"

Succession planning also played a role in the changes, but Florence is not looking to pass the rest of his reins just yet.

"It's certainly good to have backup in any organization ... but I'm not going anywhere," Florence says. "I get to focus on the things that I want to focus on."

Florence describes Vail as a unique find for 361.

"He has a very strong investment acumen, stronger than any other sales manager or head of distribution that I've ever worked, which is exceptionally valuable when we think about product," Florence says.

As for Miller, Florence lauds the new sales director as "already doing a great job."

The 361 team now includes 34 employees, Florence says. Word is that the 17-year-old firm is preparing to next month launch a market neutral fund, subadvised by Wells Fargo's Analytic Investors. 361 has already filed with the SEC and the fund is in a quiet period, so Florence declined to comment on the planned fund.

An alumnus of Colorado State University, Vail joined 361 in 2010. Prior to that he worked with Welton Street Investments.

Miller is an alumnus of Kansas State University. He joined 361 in January after spending more than a decade at OppenheimerFunds. 

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