Brookfield Asset Management Inc. shuffled its senior leadership as it prepares to spin off part of its asset management business by the end of the year.
Current CEO Bruce Flatt wrote in a letter to shareholders Thursday that it was time to "further strengthen our senior management team with the elevation of the next generation of leaders."
Specifically, the asset management business that will be spun off — which will be called Brookfield Asset Management Ltd. and manage $750 billion in assets — will have Connor Teskey as its president, former Bank of England and Bank of Canada Governor Mark Carney as chairman of the board, and Mr. Flatt as CEO. Mr. Carney is currently vice chairman and head of transition investing.
Mr. Teskey will also continue as CEO of Brookfield's renewable power and transition business, and Mr. Carney will keep his other responsibilities, the letter said.
The board of the asset management firm will be made up of Mr. Carney, Mr. Flatt, seven independent directors, as well as the founders of the firm's real estate, private equity and infrastructure businesses — Brian Kingston, Cyrus Madon and Sam Pollock — who will also continue to act as CEOs and managing partners of their respective businesses. All three are also managing partners.
Mr. Flatt added in the letter that "to ensure the continuity and success of the partnership, we actively promote from within and move executives into new roles so they will be prepared to take on still-greater responsibilities."
The parent company of the asset management firm will be renamed Brookfield Corp. and will have Mr. Flatt as its CEO. Nicholas Goodman, managing partner and chief financial officer, will also be appointed president of the parent firm.
Brookfield announced in May that it will spin off 25% of its asset management business. The remaining entity, which will not be spun off, will initially hold a 75% stake in the asset management unit.
