OppenheimerFunds has announced that Arthur P. Steinmetz will be appointed Chief Executive Officer effective July 1st, 2014.
At that time, Steinmetz will replace William F. Glavin, Jr., who will remain Chairman of OppenheimerFunds.
'Bill Glavin joined OppenheimerFunds during the depths of the financial crisis to guide OppenheimerFunds through a very challenging period for the company and the industry in general,' said Steinmetz. 'Bill’s immeasurable contributions to the firm’s success during this time, and the impact of his leadership in steering the company on a path of sustainable growth, cannot be overstated. I look forward to guiding the company on its next phase of growth. On a personal note, I would like to thank Bill for his guidance and mentorship over the past five years, which I will continue to appreciate as he remains Chairman'.
As part of this transition, effective January 1, 2014, Krishna Memani, Chief Investment Officer, Fixed Income, will replace Steinmetz as Chief Investment Officer of OppenheimerFunds. In transitioning to his new role, Steinmetz will assume direct management of Investments, Distribution and Marketing, the principal drivers of the firm’s growth strategy.
Effective January 1, 2014, John McDonough, Director of National Sales, will be promoted to the role of Head of Distribution. He will replace Philipp Hensler, who will pursue another executive position at a global financial services organization.
Krishna Memani, John McDonough, and Martha (Marty) Willis, Chief Marketing Officer, will report directly to Steinmetz. Memani’s Fixed Income investment team will continue reporting to him. George Evans, Chief Investment Officer, Equities, and Mark Hamilton, Chief Investment Officer, Asset Allocation, and their investment teams will also report to Memani.
'Art Steinmetz is a proven leader and passionate steward of the four beliefs that lie at the heart of the firm’s investment culture, namely that active management can deliver better outcomes, independent investment boutiques lead to better ideas, a global perspective is critical, and knowing the difference between risk and risky is tantamount to investment success,' said Glavin. 'Art has been one of the most successful and respected investment managers in the industry for more than 27 years, and I believe it is important that an investor lead this company at this point in its evolution. We have developed a strategy that will accelerate our growth, and Art and the leadership team are well positioned to lead this change. I look forward to working with Art and the leadership team at this exciting time'.
Glavin continued, 'Further, I want to thank Philipp Hensler for his great vision and unbridled enthusiasm in motivating our distribution organization to embrace new ways of thinking and new technologies, and for expanding our reach into the institutional and international markets. Under Philipp’s leadership, our distribution team has had a record year. I know Philipp is eager for a new challenge, and that he will be a success in his next leadership position'.