TCW Group has a new board of directors as part of the closing of a sale Wednesday to Carlyle Group and company employees from French bank Societe Generale.
The board is now made up of three members from TCW and four from Carlyle Group.
The old TCW board was made up of 16 members and included representatives from SocGen, TCW and outside directors.
Under the new board structure, TCW founder Robert Day has stepped down from his role as chairman of TCW Group. Mr. Day remains chairman of Trust Company of the West, a unit of TCW Group, said spokesman Peter Viles.
The new board comprises Marc Stern, the former TCW CEO and now chairman of the board; David Lippman, TCW's current CEO and president; Laird R. Landmann, a TCW managing director and fixed-income portfolio manager; Eliot P.S. Merrill, a Carlyle managing director; John Redett, a Carlyle managing director; Christopher V. Dodds, an operating executive to Carlyle Global Financial Services Partners; and Olivier Sarkozy, a Carlyle managing director and head of the global financial services group.
All the board members are new except for Mr. Stern and Mr. Lippman.
Under the new ownership structure, Carlyle owns 60% of TCW and employees own 40%.