Ralph Verni, the president and chief executive office of
State Street Research & Management Company (SSRM), the $56 billion
MetLife subsidiary, will step down on May 8 to head the management team of
Redwood,
a Boston -based company developing a suite of investment management products for professional portfolio managers and analysts.
As Redwood's new CEO, president and director, Verni "will set the direction, nurture people and get it done," according to company director
Dean LeBaron, as well as add 30 years expertise as an investment professional. Founder and chairman
Shekhar Shastri will step aside as CEO to focus his energies on "driving Redwood's innovation machine."
Verni has been at SSRM since August 1992 and also serves as chairman and trustee of the firm's 32 mutual funds. Prior to SSRM, he had been at
New England Investment Companies where he was named president and chief executive officer in 1990.
Redwood's
Manager product will be introduced at the AIMR conference in Chicago on May 1, 2000. The company intends to have a full Internet suite of products allowing investment professionals access from desktop computers and wireless devices to "simplify, track and act on intelligent, aggregated and contextual data across portfolios."
SSRM said that it has started a search for a permanent replacement for Verni and should hire its new head within three to six months. In the meantime,
Jeff Hodgman, the head of
MetLife Asset Management, will become the interim CEO and
Jerry Maus, the current chief financial officer, will also become the interim chief operating officer.
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