Jan. 28, 2013
/PRNewswire/ -- The Boards of Directors of The Adams Express Company and Petroleum & Resources Corporation named
Mark E. Stoeckle
as Chief Executive Officer for the Funds, succeeding long-time Chief Executive Officer
Douglas G. Ober
, who previously announced plans to retire this year.
Mr. Stoeckle has had a distinguished 30-year career in financial services and asset management, and brings a wealth of investment and business experience to the role. He comes to the Funds from the global investment management firm BNP Paribas Investment Partners, in
, where he has served since 2004 as Chief Investment Officer, U.S. Equities and Global Sector Funds.
At BNP Paribas Investment Partners, Mr. Stoeckle and his team managed about
in domestic and global equities. Under Mr. Stoeckle's leadership, the team developed and implemented a disciplined and systematic investment process with a particular emphasis on risk management. Prior to that, he co-founded a long/short market-neutral equity fund. He also has served in portfolio management roles for Liberty Financial Corporation and MFS Institutional Advisors. Earlier in his career, Mr. Stoeckle was a Senior Vice President in the Investment Banking Group at Bear, Stearns & Co.
"We are extremely pleased to welcome
as our next CEO. With his outstanding record of achievement, he has the leadership ability and experience that are ideally suited to lead our portfolio management team and the Companies. His having managed U.S. and global assets with a strong focus on risk management will help to build on our exceptional 83-year history of returns to our shareholders and to enhance the Funds going forward," said
Daniel E. Emerson
, Lead Director for the Funds.
A graduate of
Bethany College in West Virginia
, Mr. Stoeckle earned an MBA in Finance from the F.W. Olin Graduate School of Business at
Mr. Stoeckle, who plans to relocate to
, assumes his duties as CEO on February 11. He will also be joining the Funds' Boards of Directors.
Mr. Ober will continue as Chairman of the Boards through the Annual Meetings in March. He will then serve as a consultant to the Funds over the next year. "This will make his acumen and experience available to the Funds as the transition occurs," said Mr. Emerson.