Waddell & Reed Financial CEO Henry Herrmann to retire
Mr. Herrmann, who has served as CEO since 2005 and Chairman since 2010, will remain as non-executive Chairman of the Board. Mr. Herrmann's career in the financial services industry spans 50 years, including 45 years with Waddell & Reed.
The Board of Directors has appointed Senior Vice President and Chief Investment Officer Philip J. Sanders to succeed Mr. Herrmann as CEO in August, at which time he will also join the company's Board of Directors.
Mr. Sanders, who will continue to serve as CIO, joined Waddell & Reed in 1998 as a portfolio manager and has co-managed the company's large cap growth product suite since 2006.
During his tenure, Mr. Sanders has held various senior positions in the investment management division, culminating in his appointment as Senior Vice President and CIO in 2011.
Prior to joining Waddell & Reed, he was an analyst and portfolio manager with Banc of America Capital Management, the investment management division of Bank of America from 1988 to 1998.
He received his B.A. in economics from the University of Michigan and an M.B.A. from the University of North Carolina at Charlotte. Mr. Sanders is a CFA charter holder and a member of the CFA Institute and the Kansas City CFA Society.