Two senior company veterans are preparing to a take over a 95-year-old California fund firm next year, and the asset manager's long-time chief will be saying goodbye. The move

Dana Morton Emery Dodge & Cox Outgoing CEO, Chair

Today, Dana Emery, chair and CEO of Dodge & Cox [profile], and Roger Kuo, president, reveal that Emery will retire at the end of the year, passing the CEO reins to Kuo and the chair reins to David Hoeft. Emery and Kuo also highlight "several changes to [Dodge's] Investment Committees], revealing that portfolio managers Mario DiPrisco and Karol Marcin recently left the San Franciso-based mutual fund firm.

Roger George Kuo Dodge & Cox President, Incoming CEO

Emery is expected to leave on December 31, 2025, with Hoeft and Kuo then stepping up on January 1, 2026. In addition to succeeding Emery as CEO, Kuo will also succeed her as chair of the Dodge & Cox Funds and will continue to serve as the firm's president. Hoeft will remain chief investment officer in addition to succeeding Emery as firm chair. Kuo and Emery describe the handoff as "a planned firm leadership retirement."

David Clinton Hoeft Dodge & Cox Chief Investment Officer, Incoming Chair

The handoff will also be an investment style experience switch atop Dodge & Cox: Emery is a longtime fixed income PM, while Hoeft and Kuo come from the equity investing side of the business.

DiPrisco retired from Dodge on December 31, leaving both the firm's international equity investment committee (IEIC) and the emerging markets equity investment committee (EMEIC). In a LinkedIn post, DiPrisco reveals that he is running for city council in Lafayette, California.

At Dodge, on January 15 (i.e. next Wednesday) Hoeft will fill the IEIC spot vacated by DiPrisco, serving alongside current committee members Bert Bangayan, Sophie Chen, Ray Mertens, Paritosh Somani, and Kuo. Analyst Phil Barrett will join the EMEIC, serving alongside current committee members Rameez Dossa, Robert Turley, Chen, and Dossa.

Marcin resigned from Dodge on December 31, leaving two of the firm's committees: the U.S. equity investment committee (USEIC) and the global equity investment committee (GEIC). Karim Fakhry, Ben Garois, Katie McCarthy, Steve Voorhis, Barret, and Hoeft will continue to serve on the USEIC. And Lily Beischer, Hoeft, Kuo, Mertens, and Voorhis will continue to serve on the GEIC.

Also on January 15, 2025, Dodge macroeconomist Jose Ursua will join the firm's U.S. fixed income investment committee (USFIIC). The committee will also continue to include: Tony Brekke, Jim Dignan, Lucy Johns, Mike Kiedel, Nils Reuter, Adam Robinson, and Emery.

"To provide continuity of our investment philosophy, research process, and culture, we gradually evolve the composition of our firm leadership and Investment Committees," Emery and Kuo write in a prepared "leadership & investment committee updates" statement. "We select Investment Committee members based on their long-term contributions to our research and investment processes as analysts, and their demonstrated interest in portfolio strategy."

Emery joined Dodge in 1983 and served in the firm's fixed income team (which won Morningstar's manager of the year award for 2002). She rose to co-president of the firm in 2011, to CEO in 2013, and to chair 2022. She has spent 42 years with Dodge, including 12 as its CEO. She is an alumna of Stanford University.

Kuo joined Dodge in 1998 and he succeeded Emery as president in 2022. Earlier, he worked as an analyst at Bear Stearns. He is an alumnus of both Harvard Business School and Harvard College.

Hoeft joined Dodge in 1993. He rose to senior vice president and joined the firm's board in 2011, and he took over as firm CIO in 2022. He, too, is an alumnus of Harvard Business School, and he is an also alumnus of the University of Chicago.

DiPrisco, too, joined Dodge in 1998, and he, too, was on a Dodge team that won M*'s manager of the year award. He is an alumnus of Georgetown University.

Marcin joined Dodge in 2000 after working as analyst with Salomon Brothers. He is an alumnus of Stanford University's Graduate School of Business and of Whitman College.

Barret joined Dodge in 2004, and he joined the firm's investment policy committee in 2013. Earlier, he worked with J.P. Morgan and American Securities Capital Partners. He, too, is an alumnus of Stanford University's Graduate School of Business, and he is an alumnus of Washington and Lee University.

Ursua joined Dodge in 2014 after several years with Goldman Sachs. He also worked with Secretaria de Hacienda y Credito Publico and Banco de Mexico. He is an alumnus of Harvard University and of Instituto Tecnologico Autonomo de Mexico. 

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