The co-founder of a 50-year-old mutual fund firm recently passed a torch to the firm's chief. And the firm made other board changes, too.

Marc O. Mayer Manning & Napier, Inc. Chairman, CEO

Yesterday (in addition to releasing Q2 earnings that beat expectations), the board of directors of Manning and Napier [profile] confirmed that CEO Marc Mayer has been unanimously elected as chairman of the board, too. Co-founder Bill Manning, the prior chairman, did not stand for reelection at the Fairport, New York-based asset manager's annual meeting back in June.

Manning's shareholder's also created a new board role, lead independent director. Ed Pettinella, who has served on the Manning board since 2011, now serves as the firm's first lead independent director.

Meanwhile, the Manning and Napier board appears to have shrunk, with the exits of Manning, Joel Domino, and Edward George, and the addition of no new board members. (George and Domino, like Manning, did not stand for relection at the annual meeting.) Manning's board now includes six directors, four of whom are independent (including Pettinella, who is now the longest serving director currently on the board).

Barbara Goodstein, a director and chair of the board's nominating and corporate governance committee, lauds Mayer for making "a significant impact in repositioning the company for long-term growth" since joining as CEO in early 2019.

"I am honored to be named Chairman," Mayer states. "With my additional role, I will look to further advance our common goal of positioning Manning & Napier for long-term success by executing against our strategic initiatives, which include growing our wealth management platform while diversifying through our intermediary and institutional channels, progressing our digital transformation, and improving profitability, among other areas."

Manning and Napier had $18.6 billion in AUM as of June 30, up nine percent from the end of Q1 2020. Revenue in Q2 dipped two percent from Q1. 

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