UK - Gartmore chairman Paul Myners is to step down from his 14-year post at the end of November.
Following his departure, Myners intends to develop a portfolio of non-executive directorships and to spend more time on his charitable interests and with his family.
He will be replaced by Paul Hondros, asset management chief executive of Nationwide Mutual Insurance Company, the company that acquired Gartmore in May 2000. Currently a non-executive director of Gartmore, Hondros will become non-executive chairman and will continue to be based in Philadelphia.
Myners joined Gartmore as chief executive in 1985 and was made chairman in 1987. As chairman, he played a leading role in developing Gartmore into an international asset management business and expanding the company’s presence from a single location to a network of offices in six countries around the world.
Myners also oversaw the appointment of Glyn Jones as chief executive of Gartmore in December 2000. Jones joined Gartmore from the Coutts Group where he was CEO.
In a statement Paul Myners said: “I have spent 16 enjoyable years at Gartmore during which time it really has come of age as a business.
“The business is in good shape with a clear strategy and a strong leadership team. The time has come, though, to seek out fresh challenges.
“I have made no decisions yet, but I intend to remain active, but no longer in the fund management industry, and have some interesting offers to consider.
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