OM Asset Management plc (OMAM), an associate of Old Mutual plc, yesterday announced its CEO succession process. The following is the full OMAM announcement which is also available on the OMAM website -http://ir.omam.com/investor-relations/news/
'LONDON, June 29, 2017 - OM Asset Management plc (NYSE: OMAM) announced today that effective June 30, 2017, Peter Bain is stepping down from his roles as president, chief executive officer and director, positions he has held since 2011. James J. Ritchie, chairman of the OMAM Board of Directors, will serve as executive chairman and interim CEO while the Board conducts a thorough search for the company's next CEO.
'Peter has successfully accomplished his mission. He has delivered on his mandates to reshape the business, develop the leadership team, and achieve the company's listing on the New York Stock Exchange, which has enabled Old Mutual plc to substantially achieve its stated objective of exiting its ownership of the business,' said Mr. Ritchie. 'Our business is now at a positive inflection point with great momentum, and the Board and Peter believe it is the right time to position the company for its next stage of sustained growth. '
'I am very proud of what we've achieved over the last six years,' said Mr. Bain. 'We restructured the business to focus on Affiliates with high growth potential, became a public company, completed a successful new Affiliate acquisition and executed the sell-down process for Old Mutual plc. I am happy to hand over the business in good shape and want to thank my team for their dedication and support in our drive to create a great company.'
'On behalf of the Board, I thank Peter for everything that he has accomplished at OMAM,' said Mr. Ritchie. 'We will be building on the solid foundation laid for the business during Peter's tenure. This succession process comes at a time of strength for the company. Now that Old Mutual plc has substantially exited its position in the company, we will find the right person to best lead the business through its next phase of long-term growth. The end goal remains the same: a scale, diversified and profitable multi-boutique asset management firm with significant earnings growth that delivers substantial value to our shareholders.''