Arthur P. Steinmetz was named CEO at OppenheimerFunds, effective July 1, confirmed spokeswoman Kaitlyn Downing.
He will replace William F. Glavin Jr., who will remain with the firm as chairman. Mr. Steinmetz, now chief investment officer, will leave that role at the end of 2013 and will assume direct management of investments, distribution and marketing during the transition period to CEO.
Krishna Memani, chief investment officer, fixed income, will replace Mr. Steinmetz as CIO effective Jan. 1. Ms. Downing said it is still to be determined what will be done with Mr. Memani's previous role.
Separately, John McDonough, director of national sales, was named head of distribution, also effective Jan. 1. He will replace Philipp Hensler, who is leaving the firm at the end of December to pursue another opportunity. Mr. Hensler could not be reached by press time. What will happen with Mr. McDonough's current position is also to be determined, said Ms. Downing.
