William J. McDonough announced he will resign as chairman of the Public Company Accounting Oversight Board effective Nov. 30 or when his successor is in place, whichever is sooner, according to a PCAOB statement. Mr. McDonough was the second chairman of the five-member board, joining in June 2003, said Mike Shokouhi, spokesman. The SEC appoints the chairman. No information was available from the SEC on how that process will proceed. The PCAOB was formed in January 2003 under the Sarbanes-Oxley Act to oversee the auditors of public companies. "I have a wide range of interests in corporate governance, finance and international affairs and will explore one or a variety of activities in those fields; I enjoy perfect health and have not the slightest interest in retiring, now or ever," Mr. McDonough said in the statement. Mr. McDonough will remain chairman of the investments committee of the $26.3 billion United Nations Joint Staff Pension Fund, New York, among positions on other boards, the statement said.
Martin G. McGuinn, chairman and CEO of Mellon Financial, announced that he will retire next year, said Mellon spokesman Ken Herz. Mellon's board of directors retained executive recruiting firm Heidrick & Struggles to search for a replacement, Mr. Herz said. There is no timeframe for when the search would be completed, although ideally, a new CEO will be named before Mr. McGuinn retires, he said.
Robert Dow, managing partner and CIO of Lord Abbett, will relinquish his CIO duties Oct. 1 "to focus principally on the operations and administrative side of the business," said spokesman Jason Farago. Robert Morris, partner and director of equity investments, will become Lord Abbett's new CIO. The moves are part of the firm's organizational restructuring. Daniel E. Carper announced his retirement as a partner and director of retail sales and marketing, effective Sept. 30, and Lord Abbett will integrate its retail and institutional sales, marketing and client services efforts. Daria Foster, principal and director of the firm's institutional marketing and client services, will become senior director of all Lord Abbett sales and marketing functions. Paul McNamara, director of defined contribution sales and marketing, will assume Ms. Foster's position as the head of institutional sales and client service. Mr. McNamara will maintain his responsibilities for the defined contribution post and will report to Ms. Foster.
Ronald E. Robison was named president of funds for Van Kampen Asset Management, according to spokesman Chad Peterson. Mr. Robison, who had been the executive vice president of funds in the Van Kampen fund family, replaces Mitchell M. Merin. Van Kampen Investments is owned by Morgan Stanley, and last week Mr. Merin announced that he will retire from his position as president and COO of Morgan Stanley Investment Management. He officially announced Thursday at a Van Kampen board meeting that he will retire from the subsidiary as president of funds. Mr. Merin also resigned as a trustee of Van Kampen's open-end funds. Richard Powers III also announced his resignation as a trustee of the Van Kampen funds. How Mr. Robison's former responsibilities will be handled has not been determined, said Mr. Peterson, adding that no details were available on who will replace Messrs. Merin and Powers as trustees.
Christopher T. Daniel joined Praesidian Capital Investors as managing director. It is a new position. He will head the firm's new office in Los Angeles and will be involved in transaction origination, finding investments and portfolio management for Praesidian, which provides mezzanine debt to middle-market companies, said Dan Jacobs, a spokesman. Mr. Daniel was a portfolio manager for a family office, which Mr. Jacobs declined to name.