S. Waite Rawls III will resign as partner, COO and risk-management...

S. Waite Rawls III will resign as partner, COO and risk-management committee chairman at Ferrell Capital Management, effective Thursday. Mr. Rawls, a longtime adviser in portfolio management risk issues, will maintain an office at Ferrell, serve on its advisory board and remain a significant investor in the firm. He hasn’t decided on his next career move, Mr. Rawls said. A spokeswoman said he won’t be replaced; his duties will be absorbed by other people at the firm.