William A. O’Malley was named CEO and co-chief investment officer at Income Research & Management Inc., Boston, as part of a new management structure at the fixed-income specialist manager.
The positions are new, Mr. O’Malley said in an interview, part of the firm’s move from leadership by two managing principals, him and John A. “Jack” Sommers, a co-founder of the firm, to a broader executive base.
Mr. Sommers was named to the new position of executive chairman.
Mr. O’Malley’s role as CEO also includes oversight of the firm’s client service team, operations, enterprises, human resources and finance.
Named to other newly created executive positions were James E. Gubitosi, who was promoted to co-CIO, and Sarah M. Kilpatrick, who was named chief operating officer of the $75 billion firm. Both retain their titles and duties as senior portfolio managers.
Mr. O’Malley said that he and Mr. Sommers met as freshmen in college and have worked together at the firm for 25 years.
“The broad titles and duties of managing principal sufficed through the years when we were handling marketing, portfolio management and going to the post office, but now that due diligence by investment consultants and clients is increasingly detailed, we realized that redefining roles within the firm would help clarify what we each do,” Mr. O’Malley said.
He added that succession planning is “an important issue in the asset management business and this change gives two of our really good people a chance to grow.”