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Tuesday, May 24, 2016|
Herrmann Retires and a CIO Takes Over Waddell
Hank Herrmann is passing the reins to a new CEO.
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.
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