John Gunn is relinquishing the reins at Dodge & Cox to Kenneth Olivier at the end of next month. Olivier, currently the San Francisco-based mutual fund firm's president, will become CEO effective March 31 and Gunn will remain
Dodge & Cox, which unveiled the leadership change on February 18 (see the complete announcement below), isn't the only fund company seeing changes at the very top. Earlier this week, The MFWire reported that First Eagle Investment Management president and COO Bridget Macaskill
has taken on the CEO post, succeeding John Arnhold.
Gunn, 66, has served as Dodge & Cox's chairman and CEO since 2007. Olivier, 57, has served as president since 2006.
Effective March 31 of next year, Olivier will succeed Gunn as chairman and Gunn will become chairman emeritus. In addition, Dana Emery,
executive vice president, and Charles Pohl, senior vice president, will become co-presidents.
Emery, 48, will continue as director of fixed income and Pohl, 52, will remain chief investment officer.
Announcement from Dodge & Cox
February 18, 2010
We would like to inform you of several changes to Dodge & Coxís senior management team, consistent with the firmís
long-term strategy and executive succession planning. Separately, we are also announcing new appointments to two of
the firmís investment policy committees.
Kenneth E. Olivier Named CEO, John A. Gunn Remains Chairman of Dodge & Cox
The Board of Directors of Dodge & Cox is pleased to announce the election of Kenneth E. Olivier (57) as Chief Executive
Officer, effective March 31, 2010. Mr. Olivier joined the firm in 1979, was elected a shareholder in 1983 and named
President in 2006. He will continue to hold the title of President and will remain a member of Dodge & Coxís
Investment Policy Committee (IPC). John A. Gunn (66), who has served as Chairman and CEO since 2007 and formerly
served as President between 1993 and 2006, will remain as Chairman and continue to serve on the IPC, the
International Investment Policy Committee (IIPC) and Global Investment Policy Committee (GIPC).
Executive Succession Plan Effective March 31, 2011
The Board also announced a longer-term succession plan that will take effect on March 31, 2011. Mr. Gunn will become
Chairman Emeritus of the firm, and Mr. Olivier will assume the role of Chairman. In addition, Dana M. Emery (48) and
Charles F. Pohl (52), who currently serve as Executive Vice President and Senior Vice President, respectively, will
become co-Presidents of Dodge & Cox. Ms. Emery will remain the firmís Director of Fixed Income and Mr. Pohl will
remain the firmís Chief Investment Officer. Mr. Gunn, Mr. Olivier, Ms. Emery, Mr. Pohl and Thomas M. Mistele (56),
the firmís Chief Operating Officer and General Counsel, currently comprise the Dodge & Cox Board of Directors. The
Board anticipates incrementally adding new Directors to the Board over time.
Mr. Olivier, Ms. Emery and Mr. Pohl have all worked very closely together for more than 25 years, and they, along with
our deep and experienced team of professionals, will sustain our commitment to Dodge & Coxís time-tested investment
philosophy and 80-year legacy of delivering long-term value for our clients. We have been planning this leadership
transition for several years, and we anticipate that it will be seamless for our clients and shareholders. John Gunn has
been an integral part of Dodge & Coxís success for the past 37 years. He will continue to be a source of experience and
wisdom as we transition to Dodge & Coxís fourth generation of senior leadership.
Before joining the firm, Mr. Olivier received a B.A. from Stanford University in 1974, a J.D. from the University of
California, Hastings College of Law in 1977, and an M.B.A. from the Harvard Business School in 1979. He is the
President and a Trustee of the Dodge & Cox Funds. He is a shareholder of the firm, a Chartered Investment Counselor, a
CFAģ charterholder, and is a past president of the CFA Society of San Francisco. Mr. Olivier serves on a number of
community service and education-related boards.
Ms. Emery is currently Executive Vice President at Dodge & Cox and Director of Fixed Income. She received her B.A.
degree from Stanford University in 1983 and joined the firm that same year. Ms. Emery is a member of the firmís Board
of Directors and the Fixed Income Investment Policy Committee (FIIPC). Ms. Emery is a Senior Vice President and
Trustee of the Dodge & Cox Funds. She is a shareholder of the firm, a Chartered Investment Counselor, and a CFA
Mr. Pohl is Senior Vice President and Chief Investment Officer at Dodge & Cox. He received a B.A. degree in 1980 and
an M.B.A. degree in 1981 from the University of Chicago. Prior to joining Dodge & Cox in 1984, Mr. Pohl worked at
Wells Fargo Investment Advisors. Mr. Pohl is also the firmís Director of Credit Research, and a member of the firmís
Board of Directors, the IPC, the IIPC, the GIPC and the FIIPC. Mr. Pohl is a Senior Vice President of the Dodge & Cox
Funds. He is a shareholder of the firm, and a CFA charterholder.
Long-term Commitment to our Clients and Shareholders
Since our founding in 1930 by E. Morris (ďMorrieĒ) Cox and Van Duyn Dodge, Dodge & Coxís unique culture and
independence has enabled us to deliver value to clients and shareholders through a steadfast commitment to our core
investment principles. We are confident the seasoned leadership team we announced today will build on that legacy for
years to come.
New Appointments to the Dodge & Cox Investment Policy Committees
Dodge & Cox is also pleased to announce the addition of two distinguished investment professionals to its investment
policy committees. Effective February 15, 2010, Roger G. Kuo will join the firmís Global Investment Policy Committee
(GIPC), and Adam S. Rubinson will be added to the Fixed Income Investment Policy Committee (FIIPC).
Mr. Kuo is a Vice President at Dodge & Cox. He graduated magna cum laude from Harvard College in 1993 and
received an M.B.A. from Harvard Business School in 1998. Mr. Kuo worked at Bear Stearns as a financial analyst prior
to joining Dodge & Cox in 1998. Mr. Kuo also serves as a member of the firmís IIPC. He is a shareholder of the firm and
a CFA charterholder. Upon Mr. Kuoís appointment, the seven-member GIPC will have an average tenure of 18 years at
Dodge & Cox.
Mr. Rubinson is a Vice President at Dodge & Cox. He graduated from Columbia College in 1988 and received a J.D.
from Stanford Law School in 1991. From 1991 to 1997 he practiced corporate law at Sullivan & Cromwell. Prior to
joining Dodge & Cox in 2002, he worked in the fixed income and investment banking divisions of Goldman Sachs. Mr.
Rubinson is a shareholder of the firm and a CFA charterholder. Mr. Rubinsonís addition to the ten-member FIIPC will
result in an average tenure of 15 years at Dodge & Cox among the committeeís members.