Brad Hilsabeck was named CEO at GMO, confirmed spokesman Tucker Hewes.
Mr. Hilsabeck, a partner and director of global client relations at the quant firm, replaces Marc Mayer, who will leave on Thursday “to pursue other interests,” Mr. Hewes said. Asked why Mr. Mayer was moving on, Mr. Hewes declined to elaborate, beyond saying it was “a mutually agreed upon departure.” Reached by telephone, Mr. Mayer declined to comment.
Mr. Hilsabeck, who joined GMO in 2003, will also succeed Mr. Mayer as a member of GMO's board of directors. Mr. Mayer became GMO's first CEO in March 2009, leaving his post as an executive vice president and chief investment officer of the asset allocation group at AllianceBernstein to take the post. Previously, GMO had been run by a three-person executive committee, on which Mr. Hilsabeck served.
In an e-mailed statement from the company, Jeremy Grantham, a co-founder and chief investment strategist with GMO, said: “I have confidence that Brad, who knows our style intimately and has everyone's trust, will be successful in this new role.”
Mr. Hewes said GMO will announce a replacement for Mr. Hilsabeck as director of global client relations “in the near future.”