- Push-out Score determined
- After 36 years in the position
- Joe Harvey taking over
- Steers will remain as Executive Chairman at Cohen & Steers
- Steers said 69 words
(exechange) — New York, November 4, 2021 — Robert Steers, chief executive of Cohen & Steers, leaves his position. As announced by Cohen & Steers Inc. in a news release and in a regulatory filing published on Thursday, November 4, 2021, Robert H. Steers leaves his post as chief executive officer at the investment manager, after 36 years in the role, effective March 1, 2022.
It is the end of an era.
Robert Steers’s duties as CEO will be taken over by Joseph M. (Joe) Harvey, most recently President at Cohen & Steers Inc.
No reason given
In the announcement, Cohen & Steers did not explicitly explain the reason for the move.
Steers will remain as Executive Chairman at Cohen & Steers
“[E]ffective March 1, 2022, Joseph M. Harvey will succeed Robert H. Steers as Chief Executive Officer and maintain his role as President. At that time, Mr. Steers will assume the role of Executive Chairman of the company. Martin Cohen remains Chairman of the Board of Directors,” Cohen & Steers said.
Share price increase since November 2016
The announcement follows an increase in Cohen & Steers Inc.’s share price of 173% since November 2016.
In the position of CEO since 1986
Robert Steers became CEO of the Company in 1986.
Robert H. Steers, a director since August 2004, is the company’s chief executive officer.
Prior to co-founding the firm in 1986 with Cohen, Steers was a senior vice president and the chief investment officer of National Securities and Research Corporation from 1982 to 1986, where, in 1985, he and Cohen organized and managed the nation’s first real estate securities mutual fund.
From 1977 to 1982, Steers was a vice president at Citibank, serving as an analyst and portfolio manager of Citibank’s Emerging Growth Stock Fund.
Steers is a member of the Advisory Committee of the Staff Retirement Plan of the International Monetary Fund and a member of the Investment Committee, Georgetown University.
Steers also serves as chairman of each of the company’s U.S. registered open-end and closed-end funds.
Steers has a BS degree from Georgetown University and an MBA degree from George Washington University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Robert Steers’s move on a scale of 0 to 10.
exechange reached out to Cohen & Steers and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2021 ($).