Mark C. Lapman is retiring as CEO and chairman of Independence Investments, the company announced today.
He will stay on as CEO while executive search firm Spencer Stuart finds a replacement; Jay C. Leu, a senior vice president and senior portfolio manager, replaced Mr. Lapman as chairman of the companys investment committee.
In a news release, Mr. Lapman, a 26-year veteran with the company, said it was time for Independence to move forward with a new CEO who will bring a fresh perspective.
The change comes as a number of Independence strategies have been suffering through a stretch of underperformance. The firms assets under management have declined to $3.3 billion as of June 30, from $6.5 billion at the end of 2007 and $7.9 billion at the end of 2006.