Dennis Ferro, Evergreen Investments president and chief executive officer (CEO), will retire at the end of the year. Peter Cieszko, companys current president of Global Distribution, is to succeed Ferro as president and CEO at that time. Additionally, David Germany will become the firm’s new chief investment officer (CIO) and will join the firm on 5 August 2008, based in Boston.
With more than 38 years in the financial services industry, Ferro joined Evergreen Investments as CIO in 1999 and became president and CEO in 2003. During his tenure, Ferro unified and strengthened the firm’s multiple investment platform business model; broadened Evergreen’s position in the marketplace as a diversified asset manager with particular focus on building the firm’s institutional presence; and further established Evergreen as a global asset manager through the 2007 acquisition of European Credit Management. Cieszko will work side-by-side with Ferro in a phased transition of responsibilities over the next six months.
“Dennis has provided outstanding strategic and financial direction for our company through an exciting and challenging period, and we thank him for his dedicated service and leadership,” says David Carroll, head of Wachovia’s Capital Management Group.
“I have had a tremendously rewarding career and feel the time is right to begin the transition to the next generation of leadership,” says Ferro. “Peter has the talent and background necessary to drive Evergreen to the next level and I am looking forward to seeing all he will accomplish.”
Cieszko, a 25-year veteran of the asset management industry, joined Evergreen Investments in July 2006 to lead the firm’s distribution, product and long-term growth strategies domestically and abroad. Prior to joining the firm, Cieszko held a variety of leadership roles at Legg Mason and Citigroup Asset Management, most recently serving as head of US Distribution for Legg Mason. Previously, Cieszko led US Retail and High Net Worth distribution efforts for Citigroup Asset Management. In this role, he had responsibility for distribution of investment products and strategies representing approximately $200 billion in assets under management as well as oversight of marketing, client service, product development, and business development in the US
Germany will lead the firm’s investment management team, and will have responsibility for 250 investment professionals in the US and abroad. He will work with senior leadership and investment teams across the Evergreen complex on the management and continued development of the investment process, risk management, asset allocation, portfolio strategy, and new product development. He will also serve as a member of Evergreen’s executive management team, reporting to the CEO. Both Ferro and Cieszko will work closely with Germany during his initial months, supporting him as he focuses on the strategic vision and deliverables of the investment organization.