Power Financial has retained an executive search firm, possibly Russell Reynolds Associates, to quietly vet CEO candidates for Putnam Investments, industry observers said. The contract of current CEO Charles “Ed” Haldeman expires in June, and industry veterans in Boston expect Kevin Cronin, Putnam’s head of investments, to succeed him if and when Mr. Haldeman leaves.
If Power Financial were to bring in an outside CEO, former Putnam executives say it’s uncertain whether Mr. Cronin, who built Putnam’s fixed-income division before adding oversight of equity investments in February 2005, would stay. Through a spokeswoman, Mr. Haldeman declined to comment on his plans. Jeffrey Orr, CEO of Power Financial, wouldn’t say whether his firm has initiated a CEO search but said Power executives are “very pleased with the work that Putnam’s management team” — and Mr. Cronin in particular — has been doing. Officials at Russell Reynolds said they don’t identify clients as a matter of policy.
In a telephone interview, Mr. Cronin said he’s very happy with his current job, adding decisions on Putnam’s CEO “aren’t my call.”
