Alternative asset manager Man Group has announced that Peter Clarke will retire as Chief Executive Officer and step down from the board on February 28th 2013.
Incumbent Chief Operating Officer Emmanuel "Manny" Roman will succeed him following a handover period lasting until tFebruary 28th 2013, when the company is due to present its final results for the full year to December 31st 2012.
Clarke commented: "Manny Roman has been a key part of our progress and has been working closely with me for the past two years. He is an excellent leader for the business and I am delighted that he will be taking over from me to continue the work of building on the strong position of Man in our industry."
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Manny Roman, CEO-designate,said: "I have worked closely with Peter over recent years and am excited and honoured to be taking on the role of CEO. These are tough times for the asset management industry, as for many parts of financial services. However by intensifying our focus on delivering performance for investors in our funds, strengthening and deepening our relationships with clients and maintaining pressure on costs, I am confident that we can deliver significant long term value."
The appointment is subject to FSA approval.
Man Group has a market capitalisation of £1,412.83m. Its share price was up 4.96% to 77.30p by the close of trading on Monday afternoon making it the second biggest winner in the FTSE 350.
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