Fund Times
Venerable fund family Dodge & Cox recently announced the appointment of Kenneth E. Olivier as chief executive officer, effective March 31. Olivier, a 31-year veteran of the firm, will retain the title of president and will remain on the fund family's investment policy committee.
Olivier follows in the footsteps of John A. Gunn, who has served as chairman and CEO since 2007. Gunn will keep the title of chairman and also remain involved with the investment policy committees of the firm's five funds.
As part of this announcement, Dodge & Cox also outlined a longer-term succession plan for the firm. Effective March 31, 2011, Gunn will become chairman emeritus of the firm, and Olivier will be named chairman. At that time, Dana M. Emery, executive vice president, and Charles F. Pohl, senior vice president, will become co-presidents of Dodge & Cox. Both will retain their current responsibilities--Emery as director of fixed income, and Pohl as chief investment officer.
Fund company executive changes are always worth watching, especially at boutiques like Dodge & Cox, where new leadership can really impact the culture. Everyone moving up the ladder at Dodge & Cox, however, has decades of experience with the firm's team-oriented, value investing style. As they have in the past, Dodge & Cox is moving gradually. There shouldn't be any cultural drift as a result of this transition.
Associate director of fund analysis Dan Culloton contributed to this report.