In a conference call Thursday morning, Boston-based Putnam Investments announced that Robert L. "Bob" Reynolds will succeed Charles E. "Ed" Haldeman to become the firm's president and chief executive officer. Haldeman plans to stay on board and will take on a new role as the chairman of Putnam Investment Management, LLC.
While this changing of the guards may seem odd in timing, Haldeman said that he has been preparing for a transition ever since Montreal's Power Financial bought Putnam in early 2007.
"What was absolutely number one for me was getting a great, long-term owner for Putnam," Haldeman said. "I was a big boy and I understood the way games were played and that sometimes new owners want to make a change in leadership right on day one."
Haldeman said he is "delighted" about the decision, and managed to sound optimistic not only about the hiring of Reynolds, but about his own path as well.
"I'm excited about my role," he said. "It could have easily been that it was decided that I would move on, but what's been decided is that there are ways that I can be helpful and additive to the team. And that's what I am going to try and work on."
While Haldeman acclimates himself with a new title and job, Reynolds - who had more than 23 years of experience at Fidelity - said that he is prepared to take Putnam to the next level.
"Over the last 70 years, Putnam stood for excellence in money management," Reynolds said. "It has had ups and downs like every investment firm has, but it was and has been position to really take advantage of what's going to happen next in the money management business."
"I approach this job with one thought in mind, and that is winning," Reynolds added.
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