LONDON Man Group said on Thursday its chief executive Luke Ellis would retire in September and be succeeded by the company's current president, Robyn Grew, in the latest management shake-up at the London-listed hedge fund this year.
Ellis, who first joined Man Group in 2010, said in the company's statement that it was "the right time to pass the reins" and welcomed Grew's appointment.
The decision to appoint Grew means Man, which manages more than $144 billion of assets, will be soon be led by two women for the first time in its history, after Chairman John Cryan makes way for Anne Wade towards the end of 2023.
Grew - a former Barclays Capital and Lehman Brothers banker - has worked at Man for 14 years and is a member of the company's senior executive committee.
She is currently based in the United States, but will relocate to Britain following her appointment, Man said, adding she will continue to spend a substantial amount of time there.
Ellis, 60, will continue as CEO of Man until September 1, when Grew takes over.
The company said its board had identified potential internal successors in advance of Ellis' decision to retire, with the assistance of an external executive search firm, and was pleased to implement its succession plans.
(Reporting by Iain Withers, editing by Sinead Cruise)
