Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A 50-Year-Old Fund Firm's Chief Succeeds Its Co-Founder Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 31, 2020

A 50-Year-Old Fund Firm's Chief Succeeds Its Co-Founder

Reported by Neil Anderson, Managing Editor

The co-founder of a 50-year-old mutual fund firm recently passed a torch to the firm's chief. And the firm made other board changes, too.

Marc O. Mayer
Manning & Napier, Inc.
Chairman, CEO
Yesterday (in addition to releasing Q2 earnings that beat expectations), the board of directors of Manning and Napier [profile] confirmed that CEO Marc Mayer has been unanimously elected as chairman of the board, too. Co-founder Bill Manning, the prior chairman, did not stand for reelection at the Fairport, New York-based asset manager's annual meeting back in June.

Manning's shareholder's also created a new board role, lead independent director. Ed Pettinella, who has served on the Manning board since 2011, now serves as the firm's first lead independent director.

Meanwhile, the Manning and Napier board appears to have shrunk, with the exits of Manning, Joel Domino, and Edward George, and the addition of no new board members. (George and Domino, like Manning, did not stand for relection at the annual meeting.) Manning's board now includes six directors, four of whom are independent (including Pettinella, who is now the longest serving director currently on the board).

Barbara Goodstein, a director and chair of the board's nominating and corporate governance committee, lauds Mayer for making "a significant impact in repositioning the company for long-term growth" since joining as CEO in early 2019.

"I am honored to be named Chairman," Mayer states. "With my additional role, I will look to further advance our common goal of positioning Manning & Napier for long-term success by executing against our strategic initiatives, which include growing our wealth management platform while diversifying through our intermediary and institutional channels, progressing our digital transformation, and improving profitability, among other areas."

Manning and Napier had $18.6 billion in AUM as of June 30, up nine percent from the end of Q1 2020. Revenue in Q2 dipped two percent from Q1. 

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

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2020: Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use