John Brown, Putnam's senior managing director and head of institutional management, is resigning and will leave the firm at the end of the month. Brown, who reports directly to CEO Ed Haldeman, helped spearhead the firm's fight to stop bleeding assets in the wake of scandal developments at the firm. Putnam said Brown, a seven-year veteran of the firm, is leaving to pursue personal interests.
With Brown's departure, Putnam is eliminating its international distribution unit and folding it into its retail and institutional arms. Rich Monaghan will continue to head retail sales, both domestic and international, as well as oversee shareholder communications. John Boneparth, who had been in charge of international sales, is now heading up all institutional sales, both in the U.S. and abroad.