Michael Price is relinquishing daily money management and the CEO's job at Franklin Mutual Advisers. He will remain chairman of the board that oversees Franklin Mutual Advisers and the Franklin Mutual Series Fund. Peter Langerman, formerly COO, has added the CEO's duties to his own. Robert Friedman, a senior vice president, became CIO. The rest of the senior management team remains in place.
Mr. Price has begun to wean himself away from the mutual fund family he sold to Franklin Templeton almost two years ago, a spokeswoman for Mr. Price said