(updated with correction)
Mark Phillips, senior vice president of strategy for BISYS Fund Services at Financial Research Corp., a subsidiary of the BISYS Group, will assume the duties of FRC founder and President Neil Bathon starting June 1, confirmed James Nolan, executive vice president of BISYS Fund Services. Mr. Phillips reports to Fred Naddaff, president of BISYS Fund Services. Mr. Bathon, FRC's president and founder, resigned last week to pursue other entrepreneurial opportunities, according the release. FRC has a long-term consulting contract with Mr. Bathon "to ensure a smooth transition," according to the release. Mr. Phillips joined BISYS in January; he had been general manager of ADP Retirement Services. No further information was available. James Nolan, executive vice president of BISYS Fund Services, was not available for comment at press time.
Ed Nowak was promoted to vice president and head of the institutional sales team for the large plan market at Principal Financial Group, said Terri Hale, spokeswoman. The new position was created because Principal is expanding its large retirement plan distribution strategy, targeting plans with $100 million or more in assets. Mr. Nowak was vice president of retirement and investor services distribution and will continue performing those duties.
The Conference Board Inc., New York, hired executive search firm Spencer Stuart to conduct the search for a new president and CEO, confirmed spokesman Randall Poe. Richard E. Cavanaugh, the current president and CEO of the not-for-profit business education organization, announced that he will step aside on Jan. 1. His plans are not known, Mr. Poe said.
Richard A. Goldman joined executive search firm DAK Associates as managing director, confirmed spokeswoman Marji Hendler. It is a new position. Mr. Goldman was previously COO at ProFund Advisors, where spokesman Tucker Hewes was not able to provide additional information by press time.
Gordon "Don" Mullis resigned as COO of the $1.4 billion Kentucky Retirement Systems, Frankfort, confirmed Brent Aldridge, portfolio manager of alternative assets. Mr. Mullis left the $14 billion system in April, a month before the unexpected departure of CIO John Krimmel last week. Mr. Aldridge declined to comment on a reason for either departure and did not provide further details. Marlane Robinson, human resources director, was unavailable at press time to comment on the search for a replacement.
Alberta J. Pasciuti-Cummings was named assistant director of the $171 million Framingham (Mass.) Retirement System, confirmed Roberta Griffin, executive director. Ms. Griffin was assistant director before taking over her current position earlier this year from Barbara Glynn, who retired. Ms. Pasciuti-Cummings was an administrative assistant at the fund.