Frank Maiorano, former chief executive officer at Trust Company of America, has been replaced by David Barry, a member of TCA's board.
Mr. Barry took the helm this week, said TCA spokeswoman Jennifer Nealson. "Frank resigned a couple weeks back [because] a year ago or so, he got married and wanted to spend more time with his family," she said. The transition was planned and not a result of poor performance on Mr. Maiorano's part, Ms. Nealson said.
"It was just a personal decision," Mr. Maiorano confirmed. "I'm taking a couple months off, to enjoy a little [free] time."
Mr. Maiorano, 51, said he was able to work out a "great transition with [Mr. Barry], who's a very good personal friend, and been a tremendous board member [and] a good mentor."
TCA, a small custodian with just over $10 billion in assets, caters to money managers and turnkey asset management programs that use model portfolios. The company, which operates as a trust bank, offers an integrated-technology platform for trading, reporting and re-balancing.
The firm is in "spectacular shape" and "I'm very comfortable with David taking over the reins," Mr. Maiorano said.
Mr. Barry has been working with Mr. Maiorano and the senior management team for the last several months, Ms. Nealson said.
Mr. Barry has served on the TCA board for five years, and was most recently chief executive officer of Alpine Helicopters and Canadian Mountain Holidays. Mr. Barry "left that post several months back, at which time he became more involved in our organization," Ms. Nealson said. "He is an extraordinary leader [and] very dedicated to service and innovation."
Mr. Barry also held executive positions at Intrawest ULC, a real estate developer and ski resort operator.
No immediate changes to TCA are planned, Ms. Nealson said.
The RIABiz website reported Mr. Maiorano's departure earlier today.