A Putnam statement said Cronin, a senior managing director, had been serving as head of investments for the Boston-based firm. The investment company said Cronin announced his departure “for personal reasons.’
“While at Putnam, Mr. Cronin built a strong investment management leadership team that will remain in place, providing stability and continuity of management,’ the Putnam statement said.
Robert L. Reynolds, Putnam’s president and CEO, is reviewing Putnam’s current organizational structure in light of Cronin’s departure, Putnam said. Until Putnam finalizes its investment structure, Cronin’s team will report to Reynolds. David Calabro, managing director and senior portfolio manager, will take on Cronin’s responsibility for large cap equities on an interim basis.