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Thursday, February 18, 2016

Steinmetz Shakes Up OpFunds' C-Suite

News summary by MFWire's editors

Art Steinmetz is making several big changes to the C-suite at OppenheimerFunds [profile].

Art Steinmetz
Oppenheimer Funds
Chairman, Chief Executive Officer, President
Steinmetz, CEO of the New York-based mutual fund shop and MassMutual subsidiary, is rearranging his senior leadership team and dividing up the duties previously under chief marketing officer Marty Willis. He has promoted corporate strategy and development chief Peter Mintzberg to executive vice president and Cynthia Lo Bessette to general counsel. Stephen Tisdalle's role is expanding to head of marketing. Meanwhile, Willis is departing "for personal reasons" (according to a statement from an OpFunds spokesman), while Lo Bessette succeeds retiring executive vice president and general counsel Ari Gabinet.

Per the company statement, Willis "will transition her duties and work on corporate projects over the next few months."

Mintzberg, Tisdalle, and investment products and solutions chief Kamal Bhatia had all reported to Willis, who was part of OpFunds' senior leadership team. Now Mintzberg (who had reported to Willis) and Lo Bessette are both joining that senior leadership team. Tisdalle now reports to OpFunds distribution chief (and senior leadership team member) John McDonough And Bhatia now reports to chief investment officer (and senior leadership team member) Krishna Memani.

"Aligning integrated marketing and brand capabilities with our Distribution channels will support our collaborative efforts and enhance our client offerings," Steinmetz states.

Marty Willis
Oppenheimer Funds
Chief Marketing Officer
He praises Mintzberg and Lo Bessette as having "strong track records of delivering excellent results."

An alumnus of Harvard, Mintzberg joined OpFunds in October 2013. Prior to that he spent more than seven years at BlackRock. He also worked at McKinsey and at LC Capital.

An alumnus of the University of British Columbia and of UCLA, Tisdalle joined OpFunds under Willis in August 2013 as senior vice president head of brand marketing. He hails from outside the asset management industry; his resume includes work at Ogilvy & Mather, Saffron Brand Consultants (a boutique brand agency), IBM, Pricewaterhouse Coopers, and the Los Angeles International Airport.

Lo Bessette is an alumnus of Fordham and of Michigan. She joined OpFunds in March 2015 under Gabinet as deputy general counsel. Prior to that she held similar roles at Pru's Jennison Associates, Lord Abbett, Mercer, DFA, UBS, and Scudder (now part of Deutsche). She also worked at Shearman & Sterling and at Whitman Breed Abbott and Morgan.

Willis, an alumnus of Sewanee, joined OpFunds in the fall of 2009 as CMO under OpFunds' then-CEO, Bill Glavin. She previously worked at MFS and then spent 25 years at Fidelity.

Gabinet is an alumnus of Swarthmore and UPenn. He joined OpFunds in May 2010 after four and a half years at Vanguard. Prior to that he worked at the SEC and at the law firms Dechert and Willkie Farr & Gallagher.

"I would like to thank Ari and Marty for their contributions to our firm," Steinmetz states. "The Senior Leadership Team and I wish them well in their future endeavors."

The members of OpFunds' senior leadership team are: Steinmetz, chairman, CEO, and president; Geoffrey Craddock, chief risk officer; Andrew Doyle, chief human resources officer; George Evans, CIO of equities; Lo Bessette, general counsel; McDonough, head of distribution; Eric Meltzer, chief technology and operations officer; Memani, CIO; Mintzberg, head of corporate strategy and development; and David Pfeffer, chief financial officer. 

Edited by: Neil Anderson, Managing Editor

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