Putnam Investments announced the retirement of Steve Oristaglio, head of investments, and said it has promoted Kevin Cronin to that postition.

Oristaglio, who led investment teams at Putnam since 1998, will retire later this year, the company said. "Though we regret Steve's decision to leave Putnam, I admire that he is taking the opportunity to follow his many interests," said Charles "Ed" Haldeman, Putnam's chief executive officer.

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