ATLANTA — John D. Rogers, chief executive of AMVESCAP PLC's institutional division, is poised to succeed Charles W. Brady, as executive chairman and chief executive. He might have quite a wait, however, according to sources familiar with the situation.
Despite recent speculation that Mr. Brady, 70, is expected to retire before long, he has not announced a departure date. He has not announced plans to retire, nor has he publicly disclosed a succession plan. People who know him say he is still vigorous, has plenty of energy and could continue working for years.
In addition, Mr. Brady will surely stay on until the London-based company reaches a settlement with the Securities and Exchange Commission and officials of New York and Colorado for improper trading in its mutual funds, according to observers.
INVESCO Funds Group, Denver, was cited by the Securities and Exchange Commission and New York Attorney General Eliot Spitzer for allowing rapid-fire trades in various mutual funds. In a separate action, Colorado Attorney General Ken Salazar also filed a civil lawsuit, alleging it violated Colorado's consumer protection laws.