Eaton Vance Corp. has elevated its chief investment officer to the position of president, setting in motion its management succession plan.

Thomas Faust is expected to succeed chairman and CEO James Hawkes when he retires on October 31, 2007, the Boston-based fund firm said in a statement.

Faust, 47, joined Eaton Vance in 1985 as an equity analyst and served as head of the company’s equity investment group from 1995 to 2001. He became executive vice president in 2000 and chief investment officer in 2001.

In the same announcement, Eaton Vance said it promoted Darwin Richardson to the position of executive vice president.

Richardson, 48, has served as chief equity investment officer since 2001. He joined the company in 1987 as an equity analyst and has been an equity portfolio manager since 1990. He has assumed the role of senior vice president of Eaton Vance Management, the company’s principal operating strategy, and chairman of the equity strategy committee since 2000.

Faust and Richardson “have each made significant contributions to Eaton Vance's extraordinary growth and success over the past two decades," Hawkes said, adding: “As they take on additional responsibilities looking towards my retirement, we can anticipate a smooth and seamless succession with executives of proven talent and experience."

The two will continue serving in their current roles, the company said. 

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