Diamond Hill CEO Chris Bingaman leaves his post

  • Push-out Score determined
  • After about four years in the position
  • Praise for Bingaman
  • Heather Brilliant taking over
  • Bingaman will remain as portfolio manager for the Long-Short Fund at Diamond Hill

(exechange) — Columbus, Ohio, July 10, 2019 — Chris Bingaman, chief executive of Diamond Hill, leaves the position. As announced by Diamond Hill Investment Group Inc. in a news release and in a regulatory filing published on Wednesday, July 10, 2019, Christopher M. (Chris) Bingaman leaves his post as Chief Executive Officer at the independent investment management firm after about four years in the role, effective in September 2019.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.5 years, according to data compiled by exechange.

The announcement of Chris Bingaman’s move comes two months after James F. Laird took over as Chairman of Diamond Hill Investment Group, Inc.

Chris Bingaman’s duties as CEO will be taken over by Heather E. Brilliant, most recently Chief Executive Officer, Americas of First State Investments.

“A period of significant change”

A reason for Chris Bingaman’s departure from the CEO post was not explicitly provided. James F. Laird, Chair of the board of directors, said: “Our industry is undergoing a period of significant change, and we are confident in Heather’s ability to lead us into the future.”

Bingaman will remain as portfolio manager for the Long-Short Fund at Diamond Hill

“She succeeds Christopher M. Bingaman, CFA who will continue with the firm as a portfolio manager for the Diamond Hill Long-Short Fund,” Diamond Hill said.

“Step down”

Diamond Hill said: “In connection with Ms. Brilliant’s appointment, Christopher M. Bingaman will step down as the Company’s President and Chief Executive Officer. As has been previously disclosed, it is Mr. Bingaman’s desire to return full-time to his position as a portfolio manager for the Company, and he will do so when Ms. Brilliant’s employment begins.”

Share price decline

The announcement follows a decline in Diamond Hill Investment Group, Inc.’s share price of 35 percent since September 2017.

Chaired by James F. Laird

Diamond Hill Investment Group, Inc. is chaired by James F. Laird.

On February 22, 2019, Diamond Hill announced: “Ric Dillon will retire as Chairman of the Board for Diamond Hill Investment Group, Inc. at the conclusion of his current term which ends in conjunction with the Company’s Annual Meeting of Shareholders to be held on May 1, 2019. James F. Laird, current lead independent director will succeed Dillon as Chairman of the Board.”

In the position of CEO since 2015

Christopher M. Bingaman, CFA, was appointed as a director of the Company on February 20, 2019.

He has served as President and Chief Executive Officer (“CEO”) of the Company since 2014 and 2016, respectively.

Bingaman has also served as a Portfolio Manager with the Company since 2001 and has more than 20 years of experience in the investment management industry.

Bingaman received his Bachelor of Arts in Finance from Hillsdale College and an MBA from the University of Notre Dame.

Bingaman also holds the Chartered Financial Analyst designation.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.

exechange reached out to Diamond Hill and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 28.2019 ($).