The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Herrmann Retires and a CIO Takes Over Waddell Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, May 24, 2016

Herrmann Retires and a CIO Takes Over Waddell

Reported by Neil Anderson, Managing Editor

Hank Herrmann is passing the reins to a new CEO.

Philip Sanders
Ivy Investments
Chief Investment Officer
Herrmann confirms that on August 1 he will retire as Waddell & Reed Financial [profile] CEO while remaining executive chairman of the company. Phil Sanders, senior vice president and chief investment officer of Ivy Funds [profile] parent Waddell, will take Herrmann's place as CEO while keeping the CIO hat.

Sanders, 56 has worked at Overland Park, Kansas-based Waddell for 18 years as a PM, after working with BofA Capital Management. He rose to CIO of Waddell in 2011. Sanders is an alumnus of the University of Michigan and of UNC-Charlotte. Sanders co-PM's Ivy's three-star, bronze-rated, $1.7-billion Ivy Large Cap Growth Fund.

Herrmann, 73, has worked at Waddell for 45 years. He rose to CEO in 2005 and added the chairman title in 2010.

"I believe now is the time for the next generation to move the company forward and position it for future growth," Herrmann states, adding that he is "confident that [Sanders] is the right person for the position."

Alan Kosloff, lead independent director for Waddell, lauds Herrmann's "unwavering leadership and dedicated service" to the company. Kosloff also praises Sanders' "integrity, strong leadership and deep expertise."

Waddell first launched 79 years ago, and it first entered the mutual fund space three years later.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use