General Motors' Asset Management is restructuring senior management.
On April 1, R. Charles Tschampion, one architect of its investment strategy, and Susan Ezrati, chief client officer, retired. This follows the 2004 departure of Myra Drucker, who was first chief investment officer and then managing director of marketing and business development. Ms. Drucker left after three years on the job, coming from Xerox Corp., Stamford, Conn., in 2001 when Xerox outsourced its $4 billion plans to GMAM. Paul Platkin, general director of GMAM's absolute-return strategies, left the firm in 2003.
Heading the list of replacements is Nancy Everett, CIO of the $43 billion Virginia Retirement System, who will be joining GMAM in June as its new CIO.
Ed Sullivan is the new managing director of investment research, which includes management of the investment analysts group and heading up the investment committee. Mr. Sullivan was managing director for GMAM's absolute-return strategies fund. He will retain the overall management of GMAM's alpha program and asset-liability modeling for all of GMAM's clients.
John Stevens, who co-managed the hedge fund of funds, is being promoted to managing director from director of the absolute-return strategies. He will also manage GMAM's global tactical asset allocation, the tactical asset allocation, the Promark Balanced Fund and Target portfolios.
Rounding out the investment staff reporting to Ms. Everett are Dave Holstein, managing director, global equities; Tony Kao, managing director, global fixed income; Charles Froland, managing director at Performance Capital Management LLC, Greenwich, Conn., a new private equity joint venture between GMAM and its former private equity team; and Thomas Dobrowski, managing director, real estate and natural resources.
B. Jack Miller is returning to a marketing role as GMAM's chief client officer. Mr. Miller headed GMAM's marketing efforts beginning in 2000. Mr. Miller will be responsible for application of all of the investment programs, client reporting and communications and for the defined contribution and foundation plans. For the past 18 months, he was mainly responsible for GM's voluntary employees' beneficiary association, as CIO for GMAM's affiliated funds.
When Ms. Drucker left GMAM, Carlos Rosa, marketing manager, was promoted to vice president of sales and marketing.