Andrew Schlossberg was named the new head of Americas at Invesco.
He is succeeding Philip Taylor who is leaving the company at the end of 2019. Mr. Schlossberg, who is a senior managing director and head of EMEA, will become head of Americas effective March 1, reporting to CEO Martin Flanagan, a spokeswoman confirmed.
Mr. Taylor "intends to depart the company at the end of 2019 to transition to board service for other companies, venture capital endeavors and philanthropic activities," a Form 8-K filing by Invesco states. "Mr. Taylor will assume the role of vice chair effective March 1, 2019, until his planned departure and will work with his successor ... to ensure a smooth leadership transition."
He is leaving with more than $14 million as part of a compensation agreement, according to the filing. That payout includes a cash bonus of $2.1 million, an annual deferral award of $895,752 and long-term equity of $3.3 million for the calendar year 2018, in addition to his current monthly salary until his departure, the regulatory filing states. For calendar year 2019, Mr. Taylor will receive a cash bonus of nearly $1.5 million.
"Mr. Taylor's departure compensation is in line with Canadian labor law and standard industry practices, and reflects his 19 years of service to our clients and the firm," the spokeswoman wrote in an email.
Mr. Taylor is based in Toronto, while Mr. Schlossberg is in London, although the company is determining where he will be based upon his role change, the spokeswoman said in a follow-up phone call.
Doug Sharp, who has led Invesco's EMEA retail business since March 2015 and oversees its exchange-traded fund business in the region, will assume Mr. Schlossberg's current role as head of EMEA.
The changes follow the announcement last month that Invesco would acquire OppenheimerFunds from Massachusetts Mutual Life Insurance.
The spokeswoman wrote: "The planned combination with OppenheimerFunds and the relationship with MassMutual will meaningfully advance our strategy while expanding our leadership in core markets."
"The organizational moves are intended to align our leadership to ensure continued execution of our strategic plan not just today, but for the years ahead. The moves will take place over the next several months to ensure a smooth transition with minimal impact to our clients and our business," she added.