Putnam promotes Sipple — but won't replace exiting Carney

Scott C. Sipple has been named head of Investment Product Management and Development at Putnam Investments. The Boston-based mutual fund company said that the head marketing and product position held by Jeffrey R. Carney, who is leaving to run the retail branch network of The Charles Schwab Co., is not being replaced. Mr. Sipple, who joined Putnam in 2009 and oversees the company's strategic relationship function, will be responsible for overseeing the firm's equity, fixed income and global asset allocation product management and development teams, in its work providing investment management offerings to the retail, institutional, and retirement markets. He will continue to report to William T. Connolly, head of global distribution.