By way of succession planning, Richard Ennis, a founder of 19-year-old Ennis Knupp & Associates, Chicago, will give up the role of president to a "young, ambitious, energetic leader."
That younger guy is Steve Cummings, who was to rejoin the company in March. Later in the year, Mr. Cummings also will take over Mr. Ennis' job as chief executive officer and will be chair of the firm's management committee.
Mr. Ennis will remain chairman of the company and will continue to head the investment research committee. He also will continue his active investment management consulting practice for some of the company's largest clients and will concentrate more on another area he loves -- financial research.
"I've always done three things for the company: consulting, research and managing the firm. And the last one is hard work," Mr. Ennis said. "I'm not tired of the business, but I want to be able to choose. And I choose to leave the business of managing the company to Steve Cummings."
Mr. Ennis, who is 56, added that he intends to work for "many more years," but conceded that since the firm has many "young, ambitious, energetic people," it would do better long term with a president closer to the profile of a more typical Ennis Knupp employee.
Mr. Cummings was a principal at Ennis Knupp until 1997, when he left to become president of Marquette Associates Inc., Chicago. Brian Wrubel, managing director, said Marquette is seeking a senior consultant to replace Mr. Cummings.
