The CEO of Manning & Napier [profile] is retiring.

Patrick Cunningham Manning & Napier Chief Executive Officer

This morning company chairman Bill Manning, age 79, confirms that Patrick Cunningham, 60, stepped down as CEO on Monday. Manning himself, who co-founded the company in 1970, is taking over as CEO.

Cunningham will stay on with the publicly-traded, Fairport, New York-based mutual fund shop for three months "in an advisory capacity," the company confirms.

Manning has also just created a five-person operating committee that will report to him "and hold responsibility for the functions of the office of the CEO," per the company's statement. The committee members are: Ebrahim Busheri, director of investments, age 50; Jeffrey Coons, president, 52; James Mikolaichik, chief financial officer, 44; Charles Stamey, executive vice president and managing director of sales, 55; and Richard Yates, chief legal officer, 50.

The company says that, after nearly 24 years with the company and six years at the helm, Cunningham is leaving "due to personal reasons unassociated with his role at Manning & Napier."

Manning praises Cunningham as "a valued and trusted leader."

"The Board of Directors is grateful for his years of dedicated service and friendship," Manning states. "Patrick will be missed, but we wish him well in retirement."

Cunningham is an alumnus of MIT.

Check back for more updates as this story develops. 

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