Barron's: "Charles Royce Passes CEO Baton to Clark; Will Continue Stockpicking"
article 05-13-2016

Barron's: "Charles Royce Passes CEO Baton to Clark; Will Continue Stockpicking"

Barron's reporter Crystal Kim interviews "stockpicking legend" Chuck Royce and soon-to-be CEO Chris Clark on the firm's succession planning.

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"Small-company stockpicking legend Charles "Chuck" Royce announced Thursday morning that he is stepping down as CEO of the eponymous asset management firm he founded in 1972," writes Crystal Kim in Barron's.

President and Co-Chief Investment Officer Chris Clark becomes CEO in July while Royce will remain Chairman and portfolio manager. He'll continue managing assets—"the most fun thing in the business"—indefinitely.

Chuck said "I am not retiring; this is a minor punctuation mark in the transition."

The firm's succession planning began in 2013, and in 2014 Clark and Francis Gannon were named Co-Chief Investment Officers. Clark added the title President later that year.

"The responsibilities of running the business and managing 111 people, and working with our parent Legg Mason, is time consuming in and of itself," said Clark. "It really is about the institutionalization of a founder-led organization."

Read the full Barron's article.

Important Disclosure Information

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. Smaller-cap stocks may involve considerably more risk than larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.)

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