The chief of a $9.6-billion-AUM, Midwestern mutual fund shop is passing the reins at the end of the year, and a trio of other executives there are on the rise.

Jon Theobald Mairs & Power CEO

St. Paul, Minnesota-based Mairs & Power [profile] confirms that chairman and CEO Jon Theobald will retire, though he will stay on as chairman emeritus and as a trustee for Mairs & Power's mutual funds. Mark Henneman, currently president and chief investment officer, will succeed Theobald as chairman and CEO on January 1, 2018.

Mark Hennemen Mairs & Power President and CIO

Robert Mairs — currently general counsel, assistant to the chairman, and chief compliance officer — will succeed Henneman as president and will remain CCO. And Andrew Adams, executive vice president and PM, will succeed Henneman as CIO.

Before joining Mairs & Power in 2002, Theobald, who will be 72 this year, was SVP at U.S. Trust Company in Saint Paul, Minnesota. He started his career at First Trust as a trust officer and worked at two other trust companies before joining U.S. Trust. Theobald has a BA from St. John's University and a degree from St. Louis University Law School.

Rob Mairs Mairs & Power CCO

Henneman, who is in his mid-fifties, joined Mairs & Power in 2004 and was elected president and CIO in 2014. Before then, Henneman served in several other key roles at the firm. Henneman came to Mairs & Power from what is now Nuveen Asset Management and worked as a PM at Advantus Capital Management. He earned a BA from Gustavus Adolphus College and an MBA from the University of Minnesota, Carlson School of Management.

Andrew Adams Mairs & Power Executive Vice President

Mairs, grandson of the founder of Mairs & Power, George Mairs, joined the firm in 2015 as general counsel and assistant to the chairman. He was appointed CCO in 2016. Before joining Mairs & Power, Mairs was a shareholder in Gray Plant Mooty, a Minneapolis-based law firm. Mairs got his BA from Dartmouth College and a JD from William Mitchell College of Law.

Adams joined Mairs & Power in 2006 as VP and investment manager and was promoted to EVP in 2016. Adams started his career 20 years ago with Advantus Capital Management and then worked at what is now Nuveen Asset Management. Adams earned his BBA and MS from the University of Wisconsin, Madison.

Sophie Alexander also contributed to this story. 

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