American Century Investments has announced the appointments of independent chairmen to its two fund boards, achieving early compliance with a new Securities and Exchange Commission regulation. The parent American Century Cos. Inc. also replaced its founder with his son as corporate chairman.
The Kansas City, Mo., company on Wednesday named Donald H. Pratt, 67, and Ronald J. Gilson, 58, to be chairmen of its 80-plus fund portfolios as of Jan. 1.
Mr. Pratt succeeds American Century founder James E. Stowers Jr., 80, as chairman of the Kansas City-based funds, and Mr. Gilson succeeds American Century president and chief executive officer William M. Lyons, 49, as chairman of the Mountain View, Calif.-based funds.
Both Mr. Stowers and Mr. Lyons will remain as affiliated directors on their respective boards. Mr. Pratt and Mr. Gilson have been fund directors since 1995.
American Century Cos. said James E. Stowers 3d, 45, its co-chairman for the past four years, is now in a transition to the sole chairmanship, with his father focusing on other responsibilities in and outside the company. The elder Mr. Stowers has been the chairman of American Century since he founded it in 1958. He remains a corporate director.
American Century manages about $95 billion of investment assets.
