Glavin will remain chairman of OppenheimerFunds, the company said in a statement.
As part of the leadership change, Krishna Memani will replace Steinmetz as CIO of OppenheimerFunds, effective January 1. Memani is now the firm’s CIO for fixed income.
In transitioning to CEO , Steinmetz will assume direct management of investments, distribution and marketing—the principal drivers of the firm’s growth strategy, according to the statement.
Glavin joined OppenheimerFunds during the financial crisis and was tasked with guiding the firm through a challenging period for the company and the industry in general, Steinmetz says.
Steinmetz adds that Glavin has served as a guide and mentor over the last five years.
In describing his future replacement, Glavin says Steinmetz is “a proven leader and passionate steward of the four beliefs that lie at the heart of the firm’s investment culture, namely that active management can deliver better outcomes, independent investment boutiques lead to better ideas, a global perspective is critical, and knowing the difference between risk and risky is tantamount to investment success.”
Also effective January 1, John McDonough, director of national sales, will be promoted to head of distribution. He replaces Philipp Hensler, who is leaving for another financial services organization.
Memani will retain oversight of the firm’s fixed-income team under the new management arrangement. Both he and McDonough will report directly to Steinmetz.
More on the firm’s leadership change is available here.