Putnam Investments, a unit of Canada's Great-West Lifeco Inc., said Kevin Cronin, a senior managing director and head of investments for the Boston fund company, has resigned for personal reasons and will leave Oct. 1.
He was promoted to head of investments in February 2005, succeeding Steve Oristaglio, who retired after leading Putnam's investment teams since 1998.
Mr. Cronin, 47, had been the deputy head of investments for seven months before the promotion. He has worked for Putnam since 1997.
Robert L. Reynolds, Putnam's president and chief executive officer, said Tuesday that it is reviewing its organizational structure and opportunities in light of Mr. Cronin's resignation. Until Putnam finalizes its investment structure, Mr. Cronin's team will report to Mr. Reynolds.
David Calabro, a managing director and senior portfolio manager, will take on Mr. Cronin's oversight of large-cap equities on an interim basis.
Mr. Reynolds was hired in July, succeeding Charles E. "Ed" Haldeman, who became the chairman of Putnam Investment Management LLC.
As of Aug. 31, Putnam had $163 billion of assets under management, including $96 billion for mutual fund investors and $67 billion in institutional accounts.
