William F. Quinn stepped down as president of American Beacon Advisors; he will be replaced by Douglas G. Herring, confirmed Terri McKinney, spokeswoman for American Beacon. Mr. Herring, who is vice president and controller of American Airlines and chairman of the American Airlines Federal Credit Union, will join American Beacon in mid-April and work with Mr. Quinn, who will remain chairman and CEO. American Beacon Advisors runs more than $45 billion in pension and other assets, including AMR's $12.6 billion retirement plans.
"We want to make sure we get somebody in who can spend a lot of time with me learning all the things we do, to make sure that when the time approaches, it will be a very orderly transition," Mr. Quinn said in a telephone interview. He said he plans to retire in 2008.
He called Mr. Herring a "very solid, capable" financial executive "with great people skills" and said the two have known each other for 20 years and worked together for 10 to 15 years.
Brian McMenamy was named by AMR Corp., parent of American Airlines, to replace Mr. Herring. He is managing director of airline profitability and financial analysis.