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Rating:Amvescap Chairman To Step Down In April Not Rated 4.0 Email Routing List Email & Route  Print Print
Friday, March 03, 2006

Amvescap Chairman To Step Down In April

by: Armie Margaret Lee

Rex Adams, who has served as a non-executive director of the London-based firm since November 2001, will be the next Amvescap chairman. The job is opening with the retirement of Charles Brady, who will relinquish his post to at the close of the firm's annual general meeting on April 27.

The news was not a surprise as Amvescap has been seeking new leadership in recent years. Brady is 70 years old.

"With Amvescap having successfully resolved the challenges of the recent past and with Marty Flanagan and his management team providing strong leadership that is growing Amvescap business momentum, I have decided that the conclusion of our upcoming Annual General Meeting is the appropriate time to step down from Amvescap's board," said Brady, who has served as chairman since 1992, in a statement.

The 70-year-old stepped down as executive chairman in August 2005 when Flanagan was appointed chief executive officer.

Brady, who has been designated chairman emeritus, will stay on with the firm for a period of time to ensure a smooth transition.

Adams, 65, was dean of the Fuqua School of Business at Duke University from 1996 to 2001. He previously had a 30-year stint with Mobil Corp.2 

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