Man Group has announced that Peter Clarke, Chief Executive, has advised the company of his intention to retire and to step down from the Board on 28 February 2013.
Following a rigorous evaluation process conducted by the Board, which involved an assessment of external as well as internal candidates, Peter will be succeeded as Chief Executive by Emmanuel ('Manny') Roman, currently President and Chief Operating Officer.
Peter Clarke, CEO, said: 'It has been a great privilege to have been at Man for nearly twenty years. During that time I have been proud to have played a part in Man's transformation from a commodities trader and futures broker into one of the world's leading alternative asset managers. Despite the very tough trading conditions since 2008, Man has developed three strong pillars of investment expertise, namely AHL, FRM and GLG, while also remaining in robust financial strength. We have also built an excellent team of experienced senior management. Manny Roman has been a key part of our progress and has been working closely with me for the past two years. He is an excellent leader for the business and I am delighted that he will be taking over from me to continue the work of building on the strong position of Man in our industry'.
Jon Aisbitt, Chairman, said: 'On behalf of the Board I would like to thank Peter for his many years of service at the company. During his tenure as CEO, Man has faced challenging trading conditions. Under his leadership the company has sought to diversify its portfolio of businesses while driving down costs to a sustainable level. Peter has put in place an excellent management team around him and has led this phase of the re-positioning of the business. I am delighted to say that Manny Roman's dedication to Man and commitment to delivering performance for investors makes him the ideal candidate to take over from Peter'.
Manny Roman, CEO-designate, said: 'I have worked closely with Peter over recent years and am excited and honoured to be taking on the role of CEO. These are tough times for the asset management industry, as for many parts of financial services. However by intensifying our focus on delivering performance for investors in our funds, strengthening and deepening our relationships with clients and maintaining pressure on costs, I am confident that we can deliver significant long term value'.
Clarke will work with Roman during a handover period which will last until 28 February 2013, when the company will present its final results for the full year to 31 December 2012. The appointment is subject to FSA approval.