ValueAct president adds CIO duties as part of planned succession

Mason Morfit was named chief investment officer at ValueAct Capital Management, effective July 1, a spokeswoman for the hedge fund manager said in an email.

Mr. Morfit, currently ValueAct's president, replaces Jeffrey Ubben. Mr. Ubben will continue as ValueAct's CEO as well as seek out new investments and serve on portfolio company boards.

As CIO, Mr. Morfit will oversee the firm's investment team and make portfolio decisions that ValueAct partners research.

Mr. Morfit's new position was part of a planned succession.

ValueAct has more than $16 billion in assets under management.