As
many of you know, for the past several years I have gradually stepped
back from day-to-day operations of Renaissance. Six years ago Bob
Mercer and Peter Brown became Co-Executive Vice Presidents, with all
research and production reporting to them, and two years ago they
became Co-Presidents, assuming a broader set of responsibilities. The
time has now come for me to take one further step back.
As of
January 1, 2010 Bob and Peter will become Co-CEOs of Renaissance, with
all areas of the firm reporting to them. I will remain the company’s
principal shareholder and Chair of the Board. As such I will regularly
attend monthly meetings of the Executive Committee and meetings of the
Board whenever scheduled, participating in all major corporate
decisions. Consistent with best practices, Paul Broder, our Chief Risk
Officer, and Mark Silber, our Chief Financial Officer, will report to
the Board on a dotted line basis.
I am confident that this
transition is best for the firm. I have led the organization and its
predecessor for thirty one years, and it is definitely time to pass the
torch. We are very fortunate to have such able people as Bob and Peter
to take the reins. Behind them and Paul and Mark is an outstanding
cadre of senior management in all areas of the company, and behind them
is a wonderful group of knowledgeable and hard working individuals.
Renaissance is a marvelous firm, dedicated to its investors and its
employees. I have every expectation that under the new leadership this
tradition will brilliantly carry on.
