In a news release, the investment company said the 47-year-old Cronin, a Senior Managing Director who had been serving as head of investments for the Boston-based firm announced his departure “for personal reasons.”
“While at Putnam, Mr. Cronin built a strong investment management leadership team that will remain in place, providing stability and continuity of management,” the news release stated.
Robert L. Reynolds, Putnam’s President and Chief Executive Officer, is reviewing Putnam’s current organizational structure and opportunities in light of Cronin’s departure. Putnam said, until it finalizes its investment structure, Cronin’s team will report to Reynolds.
David Calabro, Managing Director and Senior Portfolio Manager, will take on Cronin’s responsibility for Large Cap Equities on an interim basis.