Crossmark’s Doll Named CEO, Keeping CIO Role
Bob Doll, known for his annual market predictions, is adding the CEO and president roles to his position as Mike Kern steps down.
Crossmark Global Investments Inc. has appointed Bob Doll to the role of CEO and president, in addition to his current CIO role, as Mike Kern steps down from the head positions, effective Tuesday.
The Houston-based investment management firm announced that the 44-year veteran and asset management CIO known for his annual 10 market predictions will lead the firm as Kern leaves to “pursue other opportunities.” Doll has been CIO since June 2021, along with managing the firm’s U.S. large-cap equity strategies; Kern has been CEO and president since 2015, having joined the firm from advisory firm Stout Risius Ross, where he was president.
Bob Doll
“Crossmark’s clients have benefitted from Bob’s exceptional investment expertise, market perspective, and institutional leadership ever since he joined our firm, and we are excited about the vision and direction that he will bring to the organization in his expanded role as President & CEO,” the Crossmark Board of Directors wrote in a statement. “Bob will also continue to serve as CIO, and his investment market acumen, including his perspective as the manager of our U.S. Large Cap Equity strategies, will be valuable elements of his overall vision for our firm.”
Doll joined Crossmark in 2021 from Nuveen Asset Management, a TIAA-owned firm, where he had been a chief equity strategist and senior portfolio manager. His market forecasts are known in the industry for their accuracy, though last year’s confounding markets threw him, as he gave himself a 50/50 score for his 10 predictions.
This year, Doll is forecasting a shallow recession, as the lagging effects of the Federal Reserve’s monetary tightening take hold.
Doll had also served as chief equity strategst at BlackRock, president and CIO of Merrill Lynch Investment Managers, and CIO of Oppenheimer Funds Inc.
The board also thanked former CEO and president Kern for “his efforts to guide Crossmark’s progress as a leading faith-based investment advisory firm. Under Mike’s leadership over the past eight years, Crossmark has made strides in transforming our culture, deepening our bench across all departments, and positioning the firm to build on its investment expertise going forward.”
Crossmark had $6.2 billion in assets under management as of December 31, 2023.