According to Reuters, Brown will not be directly replaced; instead, his position will be headed by three regional offices covering North America, Asia-Pacific and Europe. The new chief investment officers for these three offices will be Sean Flannery, Lochiel Crafter, and Rick Lacaille, respectively.
The company would not comment on why Brown departed or what his future plans were. He had held the position since 1997. He had also been appointed co-head of SSgA last year after the untimely death of Timothy Harbert, who had been the unit’s chairman and CEO.
SSgA oversees a total of $1.4 trillion in assets, according to Reuters.