Thomas F. Eggers, president and CEO of Deutsche Asset Management unit Scudder Investments, will leave the firm in about a month, according to sources familiar with the firm. Those sources say that William N. Shiebler, president and CEO of Deutsche Asset Management Americas, also is rumored to be leaving, although that could not be confirmed. Mr. Shiebler, who is co-head of the firm's global mutual funds group along with Axel Benkner, was lured out of retirement in 2002 after serving as president and CEO of Putnam Investments' mutual funds group. DeAM spokeswoman Rohini Pragasam declined to comment.
One source said Mr. Eggers' three-year contract is set to expire at the end of March and that he was informed by the firm's CEO, Kevin Parker, that his contract will not be renewed. The same source said Mr. Eggers' impending departure is part of a restructuring plan Mr. Parker set in motion late last year. One executive recruiter familiar with the firm said DeAM is searching for Mr. Eggers' replacement both internally and externally.
Several high-ranking DeAM officials departed in December shortly after the firm announced its new structure: Paul Manduca, Deutsche Asset Management's CEO for Europe; James Goulding, CEO for Asia; and Josh Weinreich, global head of absolute-return strategies.