GAM Holding AG : 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 . Processed and transmitted by Thomson Reuters ONE. 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 ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: GAM Holding AG via Thomson Reuters ONE HUG#1670676 --- End of Message --- GAM Holding AG Klausstrasse 10 Zürich Switzerland ISIN: CH0102659627;
GAM Holding AG : GAM Holding AG announces changes in organisation model, management appointments, and board nominations
Press spacebar to pause and continue. Press esc to stop.