US - Scott Eston, chief operating officer at asset management firm Grantham, Mayo, Van Oterloo, retires today after 12 years at the firm.
Mayer added: "Scott has been contemplating retirement from the firm and the investment management business for some time. With the recent announcement of my appointment as CEO of GMO, Scott now feels comfortable taking this step.
Eston's departure marks the second high-level executive change at GMO which appointed Mayer as its first chief executive this month.
In a letter to clients in early March, chairman and chief investment strategist Jeremy Grantham said of Mayer's appointment: "As the scope and complexity of our firm grew, it seemed increasingly desirable that we engage someone with both a proven general management capability and a broad investment background that could help us to manage the firm more efficiently and more effectively."
Mayer said operational, information technology, finance and administrative oversight will be overseen by internal staff until a replacement is found.
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