Fink to step down as Man Group Chief Executive next April
Effective 1 April 2007, Man Group plc Finance Director Peter Clarke will be appointed Group Chief Executive, and present Chief Executive Stanley Fink will become non-executive Deputy Chairman.
Fink will also retain his role as Chairman of the Strategic Investment Committee of Man Investments. The Group will appoint a new Group Finance Director in due course.
Harvey McGrath, Chairman of Man Group plc, said: "Stanley has indicated to the Board his wishes to become non-executive, not least in order to be able to commit more time to personal interests, in particular his philanthropic activities. However, the Board is very pleased that he has agreed to maintain two important roles within the firm."
Stanley Fink joined Man Group in 1987, and served in a number of positions including head of Man Investments before being appointed CEO in 2000. During his tenure as CEO the firm has seen its investment funds under management grow from USD 4.7 billion to over USD 54 billion at 30 June 2006, while Group pretax profits have risen to USD 1.2 billion.
Fink said: "I am delighted to have Peter as my successor as Chief
Executive. His enormous contribution to the success of the Group has been clearly recognised both within the firm and in the market, and I have every confidence that he will be a strong and effective leader of both our main businesses. I look forward to continuing to add value to the business, particularly regarding strategic investment decisions on the part of Man Investments' main investment units."
Peter Clarke joined Man Group in 1993 and has served in a variety of roles, including Group Company Secretary. He was appointed to the Group Board in 1997 and became the Group Finance Director in 2000. In November 2005 he was given the additional title of Group Deputy CEO.
Peter Clarke said: "I am excited to have the opportunity to lead the Group's continued development. Man has established leading positions in both its businesses and has an enormous pool of talent across the Group, led by Kevin Davis at Man Financial and John Morrison at Man Investments. Stanley and I have worked together at Man for 13 years and I am very pleased that we retain his valuable contribution to the Group in the years ahead.
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