Adams Express And Petroleum & Resources Name Mark Stoeckle As CEO; Former BNP
Paribas Executive Will Assume Duties Next Month
BALTIMORE, Jan. 28, 2013
BALTIMORE, Jan. 28, 2013 /PRNewswire/ --The Boards of Directors of The Adams
Express Company and Petroleum & Resources Corporation named Mark E. Stoeckle
as Chief Executive Officer for the Funds, succeeding long-time Chief Executive
Officer Douglas G. Ober, who previously announced plans to retire this year.
Mr. Stoeckle has had a distinguished 30-year career in financial services and
asset management, and brings a wealth of investment and business experience to
the role. He comes to the Funds from the global investment management firm
BNP Paribas Investment Partners, in Boston, where he has served since 2004 as
Chief Investment Officer, U.S. Equities and Global Sector Funds.
At BNP Paribas Investment Partners, Mr. Stoeckle and his team managed about $5
billion in domestic and global equities. Under Mr. Stoeckle's leadership, the
team developed and implemented a disciplined and systematic investment process
with a particular emphasis on risk management. Prior to that, he co-founded a
long/short market-neutral equity fund. He also has served in portfolio
management roles for Liberty Financial Corporation and MFS Institutional
Advisors. Earlier in his career, Mr. Stoeckle was a Senior Vice President in
the Investment Banking Group at Bear, Stearns & Co.
"We are extremely pleased to welcome Mark Stoeckle as our next CEO. With his
outstanding record of achievement, he has the leadership ability and
experience that are ideally suited to lead our portfolio management team and
the Companies. His having managed U.S. and global assets with a strong focus
on risk management will help to build on our exceptional 83-year history of
returns to our shareholders and to enhance the Funds going forward," said
Daniel E. Emerson, Lead Director for the Funds.
A graduate of Bethany College in West Virginia, Mr. Stoeckle earned an MBA in
Finance from the F.W. Olin Graduate School of Business at Babson College.
Mr. Stoeckle, who plans to relocate to Baltimore from Boston, assumes his
duties as CEO on February 11. He will also be joining the Funds' Boards of
Mr. Ober will continue as Chairman of the Boards through the Annual Meetings
in March. He will then serve as a consultant to the Funds over the next
year. "This will make his acumen and experience available to the Funds as the
transition occurs," said Mr. Emerson.
The Adams Express Company is a diversified equity fund based in Baltimore. Its
stock trades on the New York Stock Exchange under the ticker symbol ADX.
Petroleum & Resources Corporation, also based in Baltimore, is an energy and
natural resources equity fund. Its stock trades on the New York Stock
Exchange under the ticker symbol PEO.
For further information please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479
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SOURCE The Adams Express Company; Petroleum & Resources Corporation
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