Sarah Calvert Doerr was named CEO of Austin, Calvert & Flavin, a subsidiary of Waddell & Reed Financial, replacing Ron Calgaard, said Melinda Hart, spokeswoman. Ms. Doerr, who joined ACF in 1985, will remain the firm's COO; she was also chief compliance officer and a portfolio manager. Ms. Doerr said Mr. Calgaard's decision to step down as CEO was part of the firm's "long-term strategic plan" to turn management over to the next generation. He will remain chairman of the board and continue to be active in the firm's business development. Additionally, two new client relationship positions were filled, Ms. Hart said. Claude Koontz was named client relationship manager, and Teri Grubb was named client services associate. Mr. Koontz was a client relationship manager at Chilton Capital Management, running the company's San Antonio office. Ms. Grubb was a vice president at Fixed Income Securities, which specializes in portfolio analysis and investment strategies.