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Zurich-based GAM makes changes to management board

Zurich-based GAM Holding AG named Scott Sullivan group vice chairman and said he will step down from the management board and from his role as group general counsel at the end of 2016.

Sullivan will be replaced as group general counsel by Dirk Spiegel, the company's general counsel for continental Europe. Sullivan will act as a senior adviser to the management board and board of directors, though he will not be a member of either body.

Additionally, Elmar Zumbuehl, head of risk and governance, was appointed to the management board as chief risk officer. Tim Rainsford, GAM's head of distribution, will also join the management board.

The management board appointments and Sullivan's appointment as vice chairman take effect Feb. 1, 2017, and are subject to regulatory approval.