- Push-out Score determined
- After 15 years in the position
- Praise for Brem
- Dual Chief Executive Officer role eliminated
- Scott Hart becomes sole Chief Executive Officer
- Brem will remain as Executive Chairman at StepStone
- Brem said 90 words
(exechange) — New York, November 9, 2021 — Monte Brem, co-chief executive of StepStone, leaves his position. As announced by StepStone Group Inc. in a news release and in a regulatory filing published on Tuesday, November 9, 2021, Monte M. Brem leaves his post as co-chief executive officer at the investment firm, after 15 years in the role, effective January 1, 2022.
StepStone eliminates the dual Chief Executive Officer role. Scott W. Hart will be sole Chief Executive Officer.
“Planned leadership transition”
Monte Brem’s departure from the Co-CEO post is explained as follows. StepStone said: “Co-Founder and Co-CEO Monte Brem will become Executive Chairman of the Company and remain Chairman of the Board, completing a planned leadership transition that began when Mr. Hart was named Co-CEO in 2019.”
“Will no longer serve”
StepStone said: “On November 4, 2021, the Board of Directors (the “Board”) of the Company unanimously elected Scott Hart as the Company’s sole Chief Executive Officer, and Monte Brem as the Company’s Executive Chairman, each effective January 1, 2022. At such time, Mr. Brem, who founded the Company in 2007, will no longer serve as the Company’s Co-Chief Executive Officer, but will continue to serve as Chairman of the Board in addition to Executive Chairman of the Company.”
Share price increase since November 2020
The announcement follows an increase in StepStone Group Inc.’s share price of 85% since November 2020.
In the position of CEO since 2007
Monte Brem became CEO of the Company in 2007.
Monte M. Brem has served as the Company’s Chairman and Co-Chief Executive Officer since November 2019.
He served as the Partnership’s Chief Executive Officer and a director since he co-founded StepStone in January 2007 until he became its Co-Chief Executive Officer in August 2019.
He is involved in various management and Board activities.
From 2002 to 2005, prior to co-founding StepStone, Brem served as Managing Director and Principal and eventually President at Pacific Corporate Group LLC, a private equity investment firm that oversaw approximately $15 billion of commitments from institutional clients.
As Managing Director and Principal, Brem was responsible for sourcing and executing direct investment transactions for the PCG Corporate Partners Fund and PCG Co-investment Fund.
While serving as President, Brem oversaw all aspects of Pacific Corporate Group’s global fund investment business.
Earlier in his career, Brem was an Associate at the law firm of Gibson, Dunn & Crutcher LLP, where he focused on complex corporate transactions and corporate governance matters.
Brem received his BA from San Diego State University and his JD and MBA from the University of San Diego.
He is a member of the state bar of California (inactive status).
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Monte Brem’s move on a scale of 0 to 10.
exechange reached out to StepStone and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2021 ($).