Stephen L. Nesbitt, senior managing director and a principal at Wilshire Associates, Santa Monica, Calif., resigned on Thursday following a reorganization undertaken by Chief Executive Officer Dennis Tito and the board of directors.
Mr. Nesbitt, who had worked at Wilshire for 23 years, was head of both the consulting and funds management divisions. Under the restructuring, Julia Bonafede was named senior managing director of consulting. Mr. Nesbitt was offered the funds management position but he resigned instead, and Michael J. Napoli Jr. was named managing director of that division. By press time, Mr. Nesbitt hadn't returned a phone call seeking comment.
Wilshire spokeswoman Kim Shepherd said the changes were part of "several strategic business decisions" that apparently were made, in part, to separate consulting from asset management. Ms. Bonafede had been head of Wilshire's U.S. client service unit; Mr. Napoli ran the firm's hedge fund of funds business. Details on their replacements were not available.