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Dodge & Cox Has Faced It All and Stood Tall

Mistakes? This family has made a few, but it has done it its way.

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Long-term investors run Dodge & Cox for long-term investors. That fact remains, even after recent executive changes and bouts of poor short-term performance.

The firm is going through another succession at the top but has a wealth of experienced people on which to draw. John Gunn, 66, who replaced the retiring Harry Hagey as chairman in 2007, will become chairman emeritus March 31, 2011. Ken Olivier, 58, who has been with the firm for more than three decades and was named CEO in March 2010, will succeed Gunn. At that time, fixed-income director and executive vice president Dana M. Emery, 48, and CIO and senior vice president Charles F. Pohl, 52, will become co-presidents.

There are more experienced people advancing up the ranks after Emery and Pohl. The median tenure of the firm's equity and fixed-income analysts and managers is more than 10 years. The median years of service to the firm among members of the organization's investment policy committees, which comprise much of the fund family's senior leaders, ranges from 17 to 25 years.

Dan Culloton has a position in the following securities mentioned above: DODFX. Find out about Morningstar’s editorial policies.