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.

Cronin, who will replace Oristaglio, has been deputy head of investments since July 2004. He joined Putnam in 1997 as mortgage team leader and became chief investment officer of Core Fixed Income in 2001.

Joshua Brooks, managing director and chief investment officer for large-cap equities and Edward "Ned" T. Shadek, Jr., managing director and chief investment officer for small-cap equities, were named deputy heads of investments. They will both report to Cronin.

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