Amvescap PLC announced Friday in London that Charles W. Brady will step down as board chairman after the company's April 27 annual meeting and be succeeded by Rex Adams, who has been a nonexecutive director of the company since November 2001.
Mr. Brady, 70, the founder of Invesco and architect of the combination of companies that formed Amvescap, an independent global investment manager, praised in a press release the performance of "Marty Flanagan and his management team." He was named chairman emeritus and will remain an Amvescap employee during the transition to a nonexecutive chairman. Mr. Flanagan is the company's president and chief executive officer.
After 30 years at Mobil Corp., Mr. Adams, 65, was the dean of the Fuqua School of Business at Duke University from 1996 to 2001.
Amvescap operates under the AIM, Invesco, AIM Trimark, Invesco Perpetual, and Atlantic Trust brands.
