Executive search firm Russell Reynolds has been retained to help identify a successor, who will likely be named during the second quarter, Mr. Siciliano said. Lucille Protas, chief operating officer, will serve as acting CEO.
After doing “a very good job” leading MacKay through a difficult market environment during his three years as chairman and CEO, Mr. Hood's decision to leave came as a surprise, Mr. Siciliano said in an interview.
In a news release, Mr. Hood said he decided “that the timing was right for me to take a sabbatical.” He couldn't be reached to comment further on his plans.
MacKay Shields currently manages $43 billion in client assets, of which more than $26 billion is in high-yield bonds.