MONEY MANAGEMENT

Progress Investment Management appoints CIO, president

Founder drops president title as part of success planning

Patricia Gerrick was named chief investment officer of Progress Investment Management Co., said CEO Thurman White Jr.

Mona Williams also was named president, taking on the role from Mr. White. Mr. White said in an interview he is staying in the CEO position.

Ms. Gerrick was CIO at Howard University, Washington, overseeing the $686 million endowment. She replaces Alex Hsiao, who resigned to pursue other interests, Mr. White said. A spokesman for Howard University was not immediately available for comment.

Mr. White said that Ms. Williams, a longtime Progress executive, is moving up to the president’s role from executive vice president. Mr. White said the appointment of Ms. Williams is part of succession planning at the manager of emerging managers that he founded almost three decades ago. Mr. White, however, said he has no plans to retire.

Ms. Williams was in charge of the business operations at Progress, including business development and sales, client and consultant relationship management. She will continue to be in charge of those duties in the president’s role and her former position will not be filled, Mr. White said.

Progress oversees about $7 billion in assets under management through its fund-of-funds business.