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.
Brady was at Amvescap's helm during one of the most difficult periods in the firm's history, when it settled for $375 million with the Securities and Exchange Commission over a market-timing allegation. In addition, it agreed with state regulators to reduce its commissions by a total of $75 million over five years.
"With Amvescap having successfully resolved the challenges of the recent past and with Marty Flanagan and his management team providing strong leadership that is growing Amvescap's business momentum, I have decided that the conclusion of our upcoming annual general meeting is the appropriate time to step down from Amvescap's board," Brady said.
Flanagan joined Amvescap in August as president and CEO.
Additionally, Amvescap said that director Bevis Longstreth would not seek reelection at the annual meeting, due to his age, and that he would be succeeded as chairman of the audit committee by Thomas Presby. Work commitments are also prompting Thomas Fischer to step down from the board in April.