It's the end of an era at money manager Gluskin Sheff + Associates, as co-founder Gerry Sheff set a date to hand the CEO reins over to successor Jeremy Freedman.
As part of a well-choreographed plan to hand over leadership of the firm, Mr. Sheff announced on Friday that he will step down at the end of June, moving into a rainmaker role as chairman. Late last year, the 26-year-old company said this transition would play out by November, 2010.
Mr. Freedman, a former lawyer, has been running day-to-day operations at the $5.6-billion fund manager since joining the firm in 2001.
On the investing side of the business, co-founder Ira Gluskin shifted to the vice chairman's role some time ago, with Bill Webb stepping up as chief investment officer.
The changing of the guard also comes with a change in address. Gluskin Sheff is moving its Toronto head office, currently a jewel of a floor in Brookfield Place, to the newly-opened Bay Adelaide Centre. Mr. Sheff started his career as an architect, and his flair for design shows in the eye-catching layoff of the firm's current offices.
"The end of our current fiscal year, along with today's announcement of our planned future move to the Bay Adelaide Centre, makes this an opportune time to complete what has been a long-term transition and succession plan," said Mr. Sheff.
Earlier this year, Gluskin Sheff set aside $8.6-million to fund pensions for its co-founders.