After five years on the job, CEO Wiliam Galvin sets plan to step down, says company needs an investor to lead it and names CIO Art Steinmetz as replacement.
OppenheimerFunds chief executive officer William Glavin will be stepping down from that role in July, the company announced Tuesday. He will be replaced by chief investment officer Art Steinmetz. Mr. Glavin, who joined OppenheimerFunds in January 2009, will remain chairman.
“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,” Mr. Glavin said in a statement. “We have developed a strategy that will accelerate our growth, and Art and the leadership team are well positioned to lead this change.”
Mr. Steinmetz joined Oppenheimer in 1986, and was named chief investment officer in 2008. He is co-portfolio manager of the $10 billion Oppenheimer International Bond Fund (OIBAX) and the lead manager $7.7 billion Oppenheimer Global Strategic Income Fund (OPSIX).
Mr. Glavin was a co-COO and executive vice president of MassMutual's U.S. insurance group before being named CEO of Oppenheimer in January 2009.
Krishna Memani, chief investment officer of fixed income, has been named Mr. Steinmetz's replacement as chief investment officer.
Kaitlyn Downing, a spokeswoman for OppenheimerFunds, could not be reached for comment.
OppenheimerFunds, the ninth largest mutual fund company, has $15.4 billion of net inflows through the end of November, fifth most among mutual fund companies.
