General Motors Asset Management is looking for its first full-time chief investment officer, who would also be the front-runner to succeed CEO W. Allen Reed, according to sources close to the matter. Mr. Reed indicated that he wants to retire either at the end of 2005 or 2006, the sources said, so an announcement could be made soon.
Mr. Reed has performed CIO duties since Myra Drucker, CIO of GM Trust Bank and a managing director of GMAM, left last summer. Higdon Barrett, an executive search firm in New York, was hired to find a replacement for Ms. Drucker. Jerry Dubrowski, a GMAM spokesman, said the firm has been looking for someone to replace her, but he would not comment further.
GMAM manages the $107 billion pension fund of General Motors Corp., Detroit.