Advent Software Inc. will be seeing a change in leadership as of June.
The company announced today that Peter Hess will succeed Stephanie DiMarco, Advent's founder and chief executive, who is stepping down as CEO at the end of June 2012.
She will continue to serve as a Director on Advent's Board and will be transitioning to an advisory role for the company's senior management.
Mr. Hess, who is currently president of Advent Software, has been with the company since 1994.
He is responsible for worldwide marketing, sales, services and support, which includes its Asset Management, Global Accounts, and Black Diamond groups, as well as the company's international operations.
It was big news in the advisory world when Advent acquired Black Diamond Performance Reporting in April 2011.
“We've been planning this for a while now and it is really a natural progression of things,” said Ms. DiMarco in an interview with Investment News.
“The message here is that this is really about continuity and not about change,” she said.
In today's prepared statement Mr. Hess pointed to the impact Advent and Ms. DiMarco has had on the advisory industry.
"Stephanie DiMarco revolutionized the investment management business almost thirty years ago when she launched Advent with the first portfolio accounting system built for the PC, and she has never stopped pushing for innovative solutions to the industry's most mission-critical challenges.”
On the advisory world and future endeavors
When Ms. DiMarco was asked specifically about the registered investment advisory space she noted that it would remain one of the company's top priorities going forward and pointed to Black Diamond as evidence of this.
Mr. Hess, who was also on the line reiterated this point.
“We feel so good about the Black Diamond acquisition and it has already and continues to help us compete for advisory business and over the past six months we have been working well as one company,” he said.
“From an advisory perspective I can see how the fear might be that this represents some sort of change in strategy but it is not,” added Mr. Hess referring to her departure as chief executive.
When asked if she was even of retirement age Ms. DiMarco responded that she was 54 and planned to continue being very active and involved in her new role with the company.
“To the extent that Pete likes having me around,” she joked.
When asked what other endeavors she planned on embracing she said that she served on the boards of several charitable organizations and would probably do more in that regard but it was a different sort of board that piqued my interest.
“I'd actually like to improve my surfing,” said Ms. DiMarco.
And no, as a traditionalist there will be no short-, paddle boards or kite surfing for her.
“The long board,” she said.
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