Seniors at Capital Group Yield to New Team
Capital Group, the $60-billion-asset institution that is the Southland’s biggest private money manager, is reshuffling some of its senior officers to make room for the next generation of top managers, the firm said Thursday.
Six of the executives who brought the Los Angeles-based firm to prominence during the past two decades are forming a new partnership within Capital, while giving up administrative titles and duties to more junior officers beginning Monday.
Robert Kirby, 66-year-old chairman of the firm’s Capital Guardian Trust unit and one of the low-profile firm’s more visible executives, will be one of the six officers in the new partnership. He will be succeeded at Capital Guardian by Richard C. Barker, 55, who has been president of that unit.
Kirby said the new partnership will merely allow the six senior officers to step back a bit, while remaining attached to Capital. The six now will do more of the type of work that they enjoy most--actual money management, for example--and at whatever pace they choose, Kirby said.
Meanwhile, the junior officers will take over more of the day-to-day operations, he said. “You can’t have a lot of old, gray-headed guys holding on to all the great titles at the company,” Kirby joked.
David Fisher, 51, who will succeed 60-year-old Robert B. Egelston as chairman, said the arrangement with the senior officers “will really help ease the transition over the next several years.”
Other senior officers in the new partnership are Josef Beles, 58; E. Graham Holloway, 61; William Newton, 60, and James Zukor, 59.
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