Dodge & Cox
, one of the best selling fund families of the past five years, is known for quietly going about its business rather than blowing its own horn. Now, the San Francisco-based value shop is handling its CEO succession in the same business-like way it handles it fund business.
Wednesday, Dodge & Cox officials said that longtime executive and John A. Gunn
will succeed Harry R. Hagey
as chief executive officer at the end of the year. Hagey will remain as chairman until he retires at the end of 2006. Gunn joined the asset manager in 1972 and is currently its chief investment officer, a post that he will retain after taking over as CEO.
Gunn's promotion was not the only one made; it also tapped Kenneth E. Olivier
, 53, as its next president. Dana M. Emery
, 44, will replace Olivier as the firm's executive vice president. She joined the firm in 1990 while Olivier came on board in 1979.
Dodge & Cox is privately owned and manages more than $150 billion of assets in mutual funds and separate accounts.
Gunn, 62 joined Dodge & Cox in 1972 and has been president since 1992. He is a member of the firm's board of directors, and a trustee of the Dodge & Cox Funds and a member of the Investment Policy, Fixed-Income Strategy and International Investment Policy Committees.
Gunn, Olivier and Emery each studied at Stanford University.
"The transition of leadership has been underway now for a number of years. I have full confidence that John, Ken and Dana, each of whom has spent his or her entire career at Dodge & Cox, will perpetuate the firm's unique culture and independence that have served our clients well since Morrie Cox and Van Duyn Dodge established the firm in 1930," said Hagey.
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