Brady has been chairman since 1992. The announcement said Rex Adams, who has been a non-executive director of the company since November 2001, will succeed Brady.
The Board has requested that Brady remain an employee to ensure a smooth and effective transition for Adams as chairman.
Following a 30-year career with Mobil Corporation, Adams was dean of the Fuqua School of Business at Duke University from 1996 to 2001. He joined Mobil International in London in 1965 and served as vice president of administration for Mobil Corporation from 1988 to 1996.
In July of last year, Brady relinquished his position as president and CEO of AMVESCAP PLC (See Amvescap PLC Names New President).