Michelle Seitz plans to step down as chairwoman and CEO of Russell Investments by year-end, the firm announced late Thursday.
Russell has hired a recruitment firm for help in finding a successor, the firm said in a news release. In the interim, Ms. Seitz, who was named CEO in 2017, will work with Russell's board of directors and its leadership on the transition.
Ms. Seitz "is looking forward to taking some time to evaluate a wider range of opportunities that will enable her to have a positive impact on people's lives," a company spokesman said.
"It has been an honor to be the CEO of such an iconic company, leading a team of world-class professionals while serving our global clients," Ms. Seitz said in the news release. "Collectively, the Russell Investments team has achieved new records of success, transformed the company into a powerful 'One Russell Investments' global platform, and, most importantly, enhanced the value proposition to our clients."
Russell Investments also announced it has appointed Global CIO Kate El-Hillow to serve as co-president alongside Kevin Klingert, the firm's president, effective immediately. Ms. El-Hillow has more than 25 years of experience in investment management roles with expertise in outsourced CIO investment solutions and multiasset portfolio management, the company said. Ms. El-Hillow will continue to serve as global chief investment officer.
Ms. El-Hillow and Mr. Klingert both joined Russell Investments in April 2021.
Russell Investments had $299.2 billion in assets under management as of June 30, the news release said. It reported assets under advisement of $2.9 trillion as of June 30, 2021, the most recent Pensions & Investments data show.