Progress Investment Management executives could not reach agreement on the terms of a management buyout from parent Columbia Management, and Marx L. Cazenave, Progress chairman and CEO, resigned. Thurman White, Progress president, now will head the company, and there are no plans to replace Mr. Cazenave, said Charles Salmans, Columbia spokesman.
Progress will remain a stand-alone subsidiary of Columbia, Mr. Salmans said. "It was decided that keeping Progress as part of Columbia was in the best interests of its clients and (Columbia parent) FleetBoston shareholders," Mr. Salmans said. "We want to end the ambiguity about Progress," he said.