Charles E. Haldeman, Jr., president and chief operating officer of UAM, announced his resignation last week, after less than two years on the job. He will become chief executive officer of Delaware Investments and Lincoln National Investment Companies of Philadelphia, effective Jan. 3, according to UAM.
Norton H. Reamer, UAM's CEO, founder and board chairman, also announced that he will relinquish the CEO role once a replacement for Haldeman is hired. After Sept. 2000, he will step down as board chairman and become a director and chairman emeritus, said Tucker Hewes, a firm spokesperson.
"Things haven't been going well at UAM for awhile," said Geoff Bobroff, president of Bobroff Consulting of East Greenwich, R.I., a mutual fund consulting firm. "The subsidiaries haven't done well because they have been focused on the defined benefit side of the business, which hasn't been a growth component for the industry in some time."
It has been a difficult year for UAM. Its stock was down 24 percent for the year, as of last week, Hewes said. And on Oct. 25, UAM stopped trying to sell one of its affiliates, Pilgrim Baxter & Associates of Wayne, Pa.