Manning & Napier, Inc. (NYSE:MN), ("Manning & Napier" or "the Company") today announced upcoming changes to its Board of Directors in advance of its June 18 th annual shareholder meeting. The Board of Directors announced that Richard Goldberg will stand for election as a new inside director at the annual shareholder meeting. In order to maintain a majority independent Board, B. Reuben Auspitz, Vice Chairman of Manning & Napier, will not stand for re-election but will continue to serve in his existing capacities with the Company.
Mr. Goldberg has been an advisor to the Company since 1998 and has more than 30 years experience in the investment industry. His Wall Street career included Lehman Brothers Kuhn Loeb, Lazard, and Wasserstein Perella (where he was a Managing Director and head of its North American Financial Institutions Group). In addition to his hands-on experience, Mr. Goldberg is an author and educator, having published a book, by Wiley & Sons, on the dynamics of both the sell and buy side of Wall Street and taught at Boston College's Carroll School of Management (adjunct lecturer) and Brandeis University's International Business School (senior lecturer). He is currently a member of the faculty and Advisory Board of Columbia University's Graduate School of International and Public Affairs and serves as a senior advisor to Needham & Company. Mr. Goldberg holds a MBA from the University of Pennsylvania’s Wharton School.
Mr. Auspitz will step down, following the annual meeting, from the Board of Directors as Vice Chairman to focus his efforts on current responsibilities with the Company, which include his role as President and Chair of the Manning & Napier Fund, Inc. and Chairman of Exeter Trust Company, the trust company affiliate of Manning & Napier Advisors, LLC.
Commenting on these pending changes to Manning & Napier’s board of directors, Patrick Cunningham, Chief Executive Officer of Manning & Napier, stated, “Today we are again demonstrating our commitment to ensuring that we remain aligned with our shareholders by maintaining a majority independent board and following best practice corporate governance guidelines. The addition of Richard to our board of directors will deepen our financial services expertise, with a focus on maintaining a sound capital structure, implementing operational efficiencies, and providing M&A counsel. On behalf of the board, I would like to also thank Reuben for serving in the role of Vice Chairman since our IPO in late 2011 and for his continuing commitment to the Company. He contributed significantly to our public offering and has been an integral part of the Company’s progress over time. We believe Richard is an ideal choice to replace Reuben on the board and we look forward to his future contributions.”