Updated with correction
Henry J. Herrmann, CEO of money manager Waddell & Reed Financial Inc., announced Monday he will retire Aug. 1.
Mr. Herrmann is the second top executive to announce his departure from the Overland, Kan.-based firm in recent months.
“I believe now is the time for the next generation to move the company forward,” Mr. Herrmann said in a news release from the firm Monday.
Michael L. Avery, the firm's president, announced in February that he would retire June 30. Mr. Avery is also portfolio manager of the Ivy Asset Strategy Fund, the firm's largest mutual fund, which has been seeing plummeting assets amid troubled performance in the past several years. The fund's AUM was $10.3 billion at the end of March, less than one-third of what it was two years ago, company figures show.
Mr. Herrmann will be replaced by Chief Investment Officer Philip J. Sanders as CEO, the news release said. Mr. Sanders will also continue to serve as CIO, the release said.
Roger Hoadley, a spokesman for Waddell & Reed Financial, did not respond to phone calls seeking comment.
