(Alliance News) - Man Group PLC on Friday said Independent Non-Executive Director Alberto Musalem will leave the board to become the next president & chief executive of the US Federal Reserve Bank of St Louis.
The London-based hedge fund manager said Musalem will step down on February 29.
Musalem, 55, will take up his role at the St Louis Fed starting April 2. His appointment was announced by the bank on Thursday. Musalem replaces Jim Bullard, who departed in July. First Vice President Kathy O'Neill will continue as interim president and CEO until Musalem joins.
The St Louis Fed is one of 12 regional Federal Reserve banks that operate US monetary policy. Musalem also will represent 8th Federal Reserve District on the policy-making Federal Open Market Committee.
"We want to congratulate Alberto on this prestigious appointment and are confident that he will have meaningful positive impact in his new role," said Chair Anne Wade.
Man Group didn't say if or how Musalem will be replaced on the board.
Man Group share were down 0.5% at 230.30 pence early Friday in London, in line with the wider FTSE 250 index, also down 0.5%.
By Greg Rosenvinge, Alliance News senior reporter
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