- Push-out Score suggests push-out forces
- After around six years on the job
- Accolades, praise and thanks for Bain
- James Ritchie taking over in the interim
- Search for a successor
- Bain made a lengthy statement and said 74 words
(exechange) — London, United Kingdom, June 29, 2017 — Peter Bain, chief executive of OMAM, leaves. It is an abrupt change. As announced by OM Asset Management plc in a news release on Thursday, June 29, 2017, Peter Bain leaves the post as chief executive officer at the multi-boutique asset management company in a surprising move after around six years on the job, effective June 30, 2017.
OMAM will undertake a search for a successor.
Bain’s duties are taken over in the interim by James Ritchie, currently chairman of the Board of Directors at OM Asset Management plc.
“The Board and Peter believe it is the right time to position the company for its next stage of sustained growth”
The sudden management change is explained as follows. James J. Ritchie, chairman of the OMAM Board of Directors, said: “Our business is now at a positive inflection point with great momentum, and the Board and Peter believe it is the right time to position the company for its next stage of sustained growth.”
Precise information about the future plans of Bain was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position abruptly and without a reasonable explanation.
OMAM said: “[E]ffective June 30, 2017, Peter Bain is stepping down from his roles as president, chief executive officer and director, positions he has held since 2011.”
Chaired by James Ritchie
OM Asset Management plc is chaired by James Ritchie.
James J. Ritchie has been the Chairman of the Company’s Board since 2015 and a member of the Company’s Board since 2014.
On the job as CEO since 2011
Peter Lanning Bain has been the Chief Executive Officer and President at Old Mutual plc and OM Asset Management plc since February 2011.
Peter L. Bain is the Company’s President, Chief Executive Officer and a member of the Company’s Executive Management Team.
Bain has held these positions since joining OMAM Inc., the Company’s U.S.-based holding company for the Company’s Affiliates, in February 2011.
Bain has also been a director of the Company since 2014 and a director of OMAM Inc. since February 2011.
Bain is responsible for all aspects of the Company’s operations, including corporate strategy and development. Prior to joining OMAM Inc., Bain held executive positions with Legg Mason, Inc., a global asset management company, from June 2000 until March 2009, including senior executive vice president and head of affiliate management and corporate strategy from 2008 until March 2009 and chief administrative officer from 2003 until 2006.
Bain received a B.A. in American Studies from Trinity College, where he was elected to Phi Beta Kappa and graduated with honors in general scholarship, and a J.D. from Harvard Law School.
As a general rule, when a top leader announces to step aside with no permanent successor available, it is a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Peter Bain’s sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 27.2017 ($).