Evergreen Investments, Wachovia Corp.'s investment management unit, announced Wednesday that Peter Cieszko will succeed Dennis Ferro as the unit's president and chief executive officer when Mr. Ferro retires at yearend.
Mr. Cieszko is the president of global distribution at Evergreen. Also, David Germany was hired to be chief investment officer when he joins the company on Aug. 5.
Mr. Ferro, 63, has worked at Evergreen since 1999 when he was hired to be its chief investment officer. He became chief executive officer in 2003.
Mr. Cieszko, 48, has worked at Evergreen since July 2006. He previously worked at Legg Mason and Citigroup Asset Management, most recently as Legg Mason's head of U.S. distribution. He is to work with Mr. Ferro in a "phased transition," the Charlotte company said, over the next six months.
Mr. Germany, 54, was the global head and chief investment officer for Morgan Stanley Investment Management's fixed-income business. He had worked at Morgan Stanley for 21 years. He will run Evergreen's investment management team, with responsibility for 250 investment professionals in the United States and abroad.
Evergreen had $258 billion of assets under management at March 31.
