Wall Street Journal
, Diya Gullapalli
takes a look at the factors behind the slew of changes in American Century Investments' upper ranks, which have taken place in recent months. Among other changes, the Kansas City-based fund firm has installed a new chief executive officer, chief investment officer and chief financial officer. Additionally, more than 20 executives or fund managers have either left the firm or switched responsibilities. Some of the changes resulted from the retirement of executives, and many of the exits had been planned long in advance, Gullapalli writes. But there are also other factors: Some high-level execs left the firm because they
wanted better long-term incentive pay. The Stowers Institute for Medical Research, which was put up by American Century founder Jim Stowers Jr. and his wife, has a $2 billion endowment made up mostly of American Century stock and some executives felt that the institute's stake in the firm was "detracting from their own long-term incentive pay," Gullapalli writes. Other factors behind the departures: weak fund performance, as well as the desire of some execs to relocate to the coasts.
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