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Monday, May 03, 2010

Kranefuss Leaves BlackRock

Reported by Armie Margaret Lee

Lee Kranefuss, who built iShares into an ETF behemoth, has moved on from BlackRock. Kranefuss left the firm effective April 30, BlackRock spokesperson Christine Hudacko told The MFWire.

Lee Kranefuss
Vice Chairman
Kranefuss' departure comes five months after BlackRock purchased Barclays Global Investors, including iShares.

"It has been a wonderful experience helping build iShares and serving our investors," Kranefuss said in a news release on Monday.

"I have enjoyed working with the new leadership to help them to continue to be well-positioned advocates for iShares ETFs as a mainstream investment for many investors. I look forward to seeing new iShares successes in the next ten years and beyond," he added.

George Parker, a professor of finance emeritus at Stanford University's Graduate School of Business, has taken over Kranefuss' spot as chairman of the board of trustees of iShares Trust and the board of director of iShares Inc.

In addition, the boards elected Robert Kapito, president of BlackRock, and Michael Latham, managing director at BlackRock and Head of U.S. iShares, to join each Board.  

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