Younger Oelschlager May Not Be "Chief Banana"
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Monday, May 14, 2012

Younger Oelschlager May Not Be "Chief Banana"

Mark Oelschlager may not be the next "chief banana" at Oak Associates [profile], even though his father, Jim Oelschlager, founded Oak. Sarah Max of Barron's profiles the father-son duo at the Akron, Ohio-based mutual fund shop.

The weekly reveals that Mark didn't even start out working for his father. Jim did not have any intention of grooming his son to take over the fund shop Jim started in 1985.

"In fact I was told on the contrary, that I wouldn't work at Oak," Mark told Barron's.

Jim brought his son into the fold in 2000 with a warning.

"I told him it can be dangerous stuff working for your father, particularly if the son doesn't work out and the father has to fire him," Jim reportedly said.

Jim insisted that the succession plan would involve ownership being "divided among all employees" and that Mark might not be "chief banana."

Barron's highlights several of Oak's successful mutual funds and top stock picks and strategies.

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