Franklin Resources Inc. CEO Martin Flanagan is leaving the family fold to head to another mutual fund company due to the lack of a sense of position, according to a July 14 Associated Press report.

Flanagan's decision to leave Franklin for the top job at AMVESCAP, leaves Greg Johnson, grandson of Franklin founder Rupert Johnson, as sole chief executive of the San Mateo-based company, which operates the Franklin Templeton mutual funds. The decision becomes effective July 31.

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