Pilgrim Baxter CEO, Co-Founder Quit in Probe
As the news broke that New York State Attorney General Eliot Spitzer might press charges against them, Harold Baxter, chairman and chief executive officer of Pilgrim Baxter & Associates, and Gary Pilgrim, co-founder, quit their positions. An internal probe into investments by one of the two also prompted their forced resignations. The pair started their $7.4 billion company, now owned by Old Mutual, in 1974. Scott F. Powers, CEO of Old Mutual Asset Management, has replaced Baxter as chairman.