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Manning & Napier CEO resigns

Manning & NapierInc. President and CEO Patrick Cunningham retired effective April 18.

The company on April 20 said Cunningham's retirement was dueto personal reasons. He is also resigning from the board, but will remain with thecompany in an advisory capacity for three months.

Co-founder and board chairman William Manning will assume thetitle of CEO. A newly named operating committee consisting of Manning & Napier'ssenior managers will report to Manning and hold responsibility for the functionsof the office of the CEO. The committee will include James Mikolaichik, JeffreyCoons, Richard Yates, Charles Stamey and Ebrahim Busheri.

Further, Robert Zak on April 15 notified the company of his decisionnot to stand for re-election to the board at the annual meeting of stockholders.Zak's decision not to stand for re-election to the board is not due to any disagreementwith the company, the company said in a Form 8-K filed April 20.