Tom MacMillan is stepping down as President & Chief Executive Officer of Canadian wealth management firm Gluskin Sheff & Assocites with immediate effect. effective immediately. MacMillan, who is also stepping down as a director of the Company, will be succeeded by Jeff Moody.
Nancy Lockhart, Lead Director of the Company, says: “We are very grateful to Tom for his leadership and professionalism during his tenure as CEO, and in particular his efforts in achieving a successful outcome in the dispute with our co-founders. We thank Tom for his service and wish him all the best.“
Moody has been with the Company in various leadership roles since 2001, most recently as Senior Executive Vice-President, Investments & Client Wealth Management and Chair of the Asset Mix Committee. Moody was also appointed to the Board of Directors.
Moody says: “I am honoured to lead Gluskin Sheff during this exciting time. The favourable arbitration ruling from the dispute with our co-founders and solid results of the past year have us well positioned for continued success. I am energized about working with our excellent team and look forward to working on behalf of our clients to deliver strong returns and an exceptional client experience and our shareholders to enhance value. I want to express my sincere gratitude to Tom for his mentorship and leadership through a challenging period in the Company’s history.”
“The Board of Directors is very confident in Jeff’s leadership capabilities given his long history and strong performance with the Firm,” says Lockhart.
MacMillan’s departure comes as the company announces its results for the three months and year ended 30 June 2017, which show a profit of CAD5.8 million or 19 cents per diluted share on nearly CAD31.6 million in revenue for the quarter.
That compares with a profit of CAD3.3 million or 11 cents per diluted share on CAD27.4 million in revenue in the same quarter a year ago.
Assets under management increased to nearly CAD8.9 billion compared with nearly CAD8.3 billion in the same quarter last year.