Following a fall in January that sent him to intensive care with numerous broken bones, American Century's James E. Stowers has ceded control of the company he founded in 1958 to co-chairman Richard W. Brown.
Brown is a longtime confidant of Stowers who has also helped him run the Stowers Institute for Medical Research since 2004. The transition of power came to light through a Securities and Exchange Commission filing on Thursday that showed Stowers transferred his 25% voting share controlling block to Brown through a trust.
Stowers returned to his home in California last week after several weeks of treatment in a rehabilitation center, a company spokesman said. The 86-year-old is “a remarkable recovery story” that the entire company is cheering on, Brown said.
American Century’s ascension plan was put into effect three years ago, when Stowers’ son, James E. Stowers III, left after a nearly 26-year career that began right after graduating from Arizona State University in 1981. “With the leadership transition complete and outstanding professionals serving in all key executive and investment management positions, now felt like the right time to step away from the company and focus exclusively on the development of other exciting business opportunities,” the younger Stowers said at the time.
The Kansas City-based company currently has $86 billion of assets under management.