The general counsel of GAM has decided to step down from the executive committee of the Swiss asset manager. The move is part of a string of changes within the company's management.
Scott Sullivan has announced his resignation from the management board of GAM, the asset manager said in a statement today. His decision takes effect at the end of the year.
Sullivan will remain active for the company as a group vice chairman, advising the management board and the supervisory board. He will however not be a member of either of these two committees.
Sullivan was a member of the management of GAM since it went public in 2009.
Management Board Appointments
GAM appointed Dirk Spiegel, the general counsel for continental Europe, as successor of Sullivan. He will take his positions as general counsel and as a member of the group management board. Spiegel has been with the company since 2013.
The company also announced that Elmar Zumbuehl, the head of risk and governance, will take a seat on the management board as its group chief risk officer. Tim Rainsford will join him on the management board as group head of distribution. Rainsford is joining the Zurich-based company at the beginning of 2017.
Not the First Reshuffle
The reshuffle among the management of GAM is not the first to be announced this year. GAM is under pressure, with difficult market conditions weighing on growth within the asset management industry. The company earlier this year already had announced changes to the management and the supervisory board.
The appointments made public today become effective on February 1, 2017 and are subject to the approval by the supervisory authorities.
