The position of chairman and CEO at Eaton Vance
has shifted to Thomas Faust
, 49, following the retirement of James Hawkes
, 65. The retirement was mandatory under the company's policy towards senior executives.
Eaton Vance Corp. announced today that Thomas E. Faust Jr. has succeeded James B. Hawkes as Chairman of the Board and Chief Executive Officer, completing the succession plan first set forth in January 2006. Mr. Hawkes, 65, is retiring under the Company’s mandatory retirement policy for senior executives.
“It is truly a privilege to assume the leadership of Eaton Vance from my long-time colleague and good friend Jim Hawkes. His vision, inspiration and integrity are evidenced in the great success the Company has achieved under his guidance,” said Mr. Faust. “The culture he has fostered at Eaton Vance is one that prizes teamwork, innovation and a commitment to excellence. I could not be more excited about the Company’s prospects in the years ahead.”
Mr. Faust, 49, joined Eaton Vance in 1985 as an equity research analyst and has served as a portfolio manager, Director of Equity Research and Management, and Chief Investment Officer. He was elected a Vice President of the Company in 1987, Executive Vice President in 2000 and President in January 2006. Mr. Faust is a graduate of the Massachusetts Institute of Technology and earned an M.B.A. from Harvard Business School. He is a Chartered Financial Analyst and serves on the Board of Governors of the Investment Company Institute.
“For the past 37 years I’ve been fortunate to work at an extraordinary company staffed by extraordinary people,” said Mr. Hawkes. “Serving as Eaton Vance’s CEO for the last eleven years has been a tremendous honor. The Company’s greatest strength is its team of dedicated professionals, who have built Eaton Vance’s reputation as a thoughtful, consistent, ethical steward of our clients’ assets. For close to four decades, I have been fortunate to be affiliated with some of the industry’s best and brightest, and have enjoyed it immensely.”
Mr. Hawkes joined EV in 1970 as an equity research analyst and has served as Chief Executive Officer since 1996 and Chairman of the Board since 1997. A noted innovator, Mr. Hawkes pioneered the development of an array of value-added investment products, including floating-rate bank loan funds, municipal bond funds, tax-managed equity funds, equity option income funds and the nation’s first mutual funds to focus on China and India. During his eleven year tenure as CEO, the Company’s assets under management grew nearly tenfold and its stock had a total return of 1,989%, or 31.8% per annum.
Eaton Vance Corp., a Boston-based investment management firm, is traded on the New York Stock Exchange under the symbol EV. Through its subsidiaries, Eaton Vance Corp. advises and distributes investment products and services for individual and institutional clients. As of September 30, 2007, the Company had $158.1 billion of assets under management.
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