Scott Lummer resigned today as chief investment officer of mPower, an online investment advice provider, to start his own consulting business. Hal Ratner, vice president of fund analysis, will be interim CIO pending a search for a successor. Mr. Lummer will continue to hold private stock in the company, said Steve Barham, senior vice president of marketing.
Mr. Lummer is the second top executive to tender his resignation to mPower in two weeks. Steve Deschenes resigned as CEO; he was replaced by Andrew Huddart. Mr. Deschenes continues to hold a major portion of mPower private shares.
Mr. Lummers new consultancy business is ScottLummer.com. It will focus on defined benefit and defined contribution plan sponsors and service providers.