Lawrence J. Lasser is leaving Putnam Investments, where he was president and CEO, the company announced today. Charles E. "Ed" Halderman, senior managing director and co-head of investments, will replace Mr. Lasser, said Jeffrey W. Greenberg, chairman and CEO of Putnam parent Marsh & McLennan Cos. Inc. Mr. Halderman will retain his investment responsibilities.
Barbara Perlmutter, Marsh & McLennan spokeswoman, would not say whether Mr. Lasser resigned or was terminated, but she said he will no longer serve on the Putnam and Marsh & McLennan boards.
In other moves, Steven Spiegel, senior managing director and chief of Putnam's global distribution, was named vice chairman; and A.J.C. "Ian" Smith, former Marsh & McLennan chairman and CEO, was named chairman of Putnam. Both are new positions.
Also, Barry P. Barbash, a partner in Shearman & Sterling and a former senior official at the SEC, will conduct an independent review of Putnam's policies and controls. Mr. Barbash will report directly to Mr. Greenberg. Mr. Greenberg said the moves were intended to restore Putnam's standing after market-timing charges filed last week prompted several large public pension funds to terminate Putnam.