GAM Holding AG announces changes in organisation model, management appointments, and board nominations
GAM Holding AG /
GAM Holding AG announces changes in organisation model, management appointments,
and board nominations
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The issuer is solely responsible for the content of this announcement.
Zurich, 16 January 2013
GAM Holding AG announces a shift from its operating model as a pure financial
holding company to a more integrated organisational structure, combining the
management responsibility for its operating businesses at Group level. At the
next Ordinary Annual General Meeting (AGM) and the end of his term on 17 April
2013, Johannes A. de Gier, current Chairman and Chief Executive Officer of GAM
Holding AG, will stand for re-election to the Board of Directors solely
retaining his position as the company's Chairman. David M. Solo, currently the
Chief Executive Officer of GAM Holding AG's two operating businesses, will then
assume the newly created role of Group Chief Executive Officer. At the AGM, the
Board of Directors will also propose the re-election of two other current
members and the election of one new member.
Johannes A. de Gier, Dieter Enkelmann and Hugh Scott-Barrett whose terms of
office as members of the Board of Directors of GAM Holding AG will expire in
April 2013 have all agreed to stand for re-election. The Board of Directors will
also nominate Tanja Weiher for election as a new independent member. Assuming a
positive shareholder vote on these proposals, the Board of Directors would
increase from five to six members.
Combining David M. Solo's current management responsibilities in one role at the
level of GAM Holding AG will simplify the Group's executive structure and
facilitate a transition to a more streamlined, functional organisation,
replacing GAM Holding AG's current status as a pure financial holding company.
While GAM and Swiss & Global Asset Management will remain distinct operating
units with separately branded products, the new structure will allow the Group
to further integrate common functions and to exploit additional synergies.
Consistent with the planned changes to the operating model, the finance and risk
functions across the Group will now be combined in an expanded Group Chief
Financial Officer role under Marco Suter, currently Group Head of Risk. After
three successful years as GAM Holding AG's Chief Financial Officer, Andrew Wills
will work closely with Marco Suter to transition his current responsibilities
and subsequently pursue other opportunities outside the Group. The Board of
Directors thanks him for his outstanding contribution during his tenure,
particularly for his achievements in overseeing the complex separation from Bank
Julius Baer and the independent listing of GAM Holding AG in 2009.
The Group does not anticipate any extraordinary restructuring charges from this
reorganisation, further details of which will be provided on 5 March 2013 at the
presentation of the 2012 annual results. The Group is and will remain under the
consolidated supervision of the Swiss Financial Market Supervisory Authority
(FINMA). Accordingly, the new organisation and associated personnel changes
require the approval of FINMA with whom the company has an ongoing dialogue.
Commenting on the changes, Johannes A. de Gier said: "This evolution of our
operating model reflects the ever-changing nature of our business and the
competitive environment. The increasing convergence of the core activities of
GAM and Swiss & Global towards the management of onshore regulated funds means
that both face similar challenges which are best addressed by bundling our
support capabilities. Further integration will allow us to manage our resources
and the increased industry complexity more effectively and efficiently. On the
other hand, we remain flexible and broadly diversified by retaining two
operating units with multiple investment management teams, product brands and
distribution capabilities. Finally, the Board of Directors and I are pleased
that we will be able to manage these changes with great continuity at the
operational management level, and with the expected addition of a valuable new
Board member. Tanja Weiher's first-hand experience in the financial services
industry which she has earned across different market cycles as well as her
personality and strategic acumen, make her an excellent candidate for our Board
and we are delighted she has agreed to stand for election at the next AGM."
CV of Tanja Weiher:
Tanja Weiher is the founder and managing partner of Weiher Partners, an
independent consulting boutique based in Zurich, advising companies on strategy
and process development, particularly in the fields of organisation and people
management. Before starting her own business in 2011, Tanja Weiher was a
managing director at UBS. During her thirteen years at the bank, she led its
group-wide strategy development unit and subsequently worked at UBS's global
wealth management and Swiss banking division, as the division's Global Head of
Controlling and later as its Chief Financial Officer and a member of its
executive committee. Tanja Weiher holds a Master of European Management from the
Copenhagen Business School and graduated in business administration at the
Wirtschaftsuniversität Wien (Vienna). She was born in 1968 and is a Swiss /
Austrian citizen.
For further information please contact:
Media Relations:
Larissa Alghisi Rubner, GAM Holding AG
T: +41 (0) 58 426 62 15
Investor Relations:
Thomas Schneckenburger, Bluechip Financial Communications
T: +41 (0) 44 256 88 30
About GAM Holding AG
GAM Holding AG is an independent, well-diversified asset management group. Its
operating businesses - GAM and Swiss & Global Asset Management - focus on the
development and distribution of actively managed investment products and
services.
GAM Holding AG is listed on the SIX Swiss Exchange and is a component of the
Swiss Market Index Mid (SMIM) with the symbol "GAM". The Group has assets under
management of CHF 116.8 billion (as at 30 September 2012) and employs over
1,000 staff with offices in Zurich (head office), Bermuda, Grand Cayman, Dublin,
Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Milan, New York and
Tokyo.
English Press Release:
http://hugin.info/142256/R/1670676/542979.pdf
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Source: GAM Holding AG via Thomson Reuters ONE
[HUG#1670676]
