BrightSphere CEO Steve Belgrad leaves abruptly

  • Push-out Score suggests push-out forces
  • After less than one year in the position
  • Praise and thanks for Belgrad
  • Guang Yang taking over

(exechange) — London, United Kingdom, December 17, 2018 — Steve Belgrad, chief executive of BrightSphere, leaves. It is an abrupt change. As announced by BrightSphere Investment Group Plc in a news release on Monday, December 17, 2018, Stephen H. (Steve) Belgrad leaves his post as Chief Executive Officer at the multi-boutique asset management company after less than one year in the role, effective immediately.

No company wants a CEO to flame out in the first year.

Steve Belgrad’s duties will be taken over by Guang Yang, most recently Executive Chairman of BrightSphere Investment Group plc.

No reason given

In the announcement, BrightSphere did not explicitly explain the obviously compelling reason for Steve Belgrad’s sudden move, leaving room for speculation.

Precise information about Steve Belgrad’s future plans was not immediately available.

Alarm signal

Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position abruptly and without a reasonable explanation.

“Succeed”

BrightSphere said: “Mr. Yang will succeed Steve Belgrad as CEO.”

Share price decline

The change follows a decline in BrightSphere Investment Group plc’s share price of 32 percent since June 2018.

In the position of CEO since 2018

Stephen H. Belgrad was the Company’s President, Chief Executive Officer, a member of the Company’s Board and a member of the Company’s Executive Management Team.

Belgrad served on the Company’s Board since January 2018 and was appointed as the Company’s President and Chief Executive Officer, effective as of March 2, 2018.

Before being appointed as the Company’s President, Chief Executive Officer and a Director of the Company, Belgrad was Executive Vice President, Chief Financial Officer and a member of the Executive Management Team of the Company.

Belgrad held these positions since the Company’s initial public offering and has held comparable positions with BrightSphere Inc., where he also acts as director, since 2011.

As Chief Financial Officer, Belgrad was responsible for the Company’s finance, investor relations, legal and IT/operations functions and jointly responsible for corporate development.

From 2008 to May 2011, Belgrad was chief financial officer of HarbourVest Global Private Equity Limited (HVPE), a publicly-traded closed-end investment company.

Belgrad previously was a vice president in the new investments group at Affiliated Managers Group, Inc., a publicly traded global asset management company, and, prior to that, senior vice president and treasurer at Janus Capital Group Inc., a publicly traded investment management firm.

He began his career at Morgan Stanley & Co., a global financial services firm, where, over the course of 15 years, he held various positions in investment banking, corporate strategy and Morgan Stanley’s asset management division.

Belgrad received a B.A. in economics from Princeton University and an M.B.A. from Harvard Business School.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Steve Belgrad’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 52.2018 ($).