James E. Stowers Jr.
– founder of American Century Investments
and a pillar in the mutual fund world for decades – retired from his role on American Century's fund board, a company spokesperson confirmed to The MFWire
| James Stowers Jr.|
American Century Investments
Board of Directors
Stowers will not be replaced, according to spokeswoman Jackie Hermanson. The board is made up of American Century CEO and president Jonathan Thomas and seven independent directors.
The 85-year-old Stowers launched a family of no-load funds under the name Twentieth Century Mutual Funds in Kansas City, Missouri, in 1958, armed with a mere 24 investors and just $107,000 in cash. The funds laid the groundwork for the company that would ultimately become American Century Investments, officially assuming that name in 2000.
In 1994, following a bout with cancer, Stowers founded the Stowers Institute for Medical Research along with his wife and fellow cancer survivor, Virginia. The $2 billion biomedical research institute supports research surrounding the genes and proteins that control the fundamental processes of living cells in an effort to combat cancer.
Stay ahead of the news ... Sign up for our email alerts now