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GMO Promotes Hilsabeck to CEO as Mayer Departs Investment Firm

June 30 (Bloomberg) -- Grantham Mayo Van Otterloo & Co. named Brad Hilsabeck chief executive officer of the Boston-based money manager, replacing Marc Mayer.

Hilsabeck has been with the firm since 2003 and most recently served as head of global client relations, GMO said today in an e-mailed statement. Mayer, who became CEO in March 2009, is leaving to “pursue other interests,” the company said.

Tucker Hewes, a GMO spokesman, declined to elaborate on the reasons for Mayer’s departure, describing the decision as “mutually agreed upon.”

“I have confidence that Brad, who knows our style intimately and has everyone’s trust, will be successful in this new role,” Jeremy Grantham, the firm’s chief investment strategist and co-founder, said in the statement. Grantham is best known for his bearish investment outlook and for his track record in identifying stock-market bubbles.

GMO managed $108 billion as of March 31.

To contact the reporter on this story: Charles Stein in Boston at cstein4@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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