Arnerich Massena chooses CEO successor

Dave Nute was named CEO at investment consulting firm Arnerich Massena, effective Jan. 1, spokeswoman Jillian Perkins said.

Mr. Nute replaces Anthony “Tony” Arnerich, who co-founded the firm in 1991. Mr. Arnerich will remain chief investment officer and also take on the role of senior adviser.

Mr. Nute originally joined the firm in December 2015 and was chief operating officer. Ms. Perkins said the management team has taken on those responsibilities and the position will not be filled.

The change is part of a long-term succession plan the company initiated this month, which included a transfer of ownership from Mr. Arnerich to a group of senior employees. Mr. Arnerich shares equity ownership of the firm.

Arnerich Massena had $9.4 billion in worldwide assets under advisement as of June 30, according to Pensions & Investments’ data.