Charles W. Brady, 70, who has served as chairman of the board of directors of Amvescap since 1992 and founded Invesco, one of Amvescap's six main brands, will step down from his position at the conclusion of the firm's annual meeting on April 27, the firm announced Friday.

Rex Adams, 65, who has served as a non-executive director since 2001, will succeed him. Brady will leave his position just ahead of the firm's mandatory retirement age of 72 years, but will remain an employee of the firm for an indefinite period to help Adams transition into his new role.

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