Waddell & Reed Financial said on Thursday that Keith A. Tucker has stepped down from the positions of chairman of the board and chief executive officer.

In keeping with emerging best practices in corporate governance, the position of chairman of the board is now separated from that of chief executive officer. The company's president, Henry J. Herrmann, will be chief executive. Alan W. Kosloff, an independent member of the board of directors, will be the board's independent, non-executive chairman.

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