The week started on the right foot for the Man Group, as the company announced to the world on early Monday that it has appointed a new chairman, one that was unanimously selected by the board.
John Cryan, a man with years of the experience in the industry and inside the firm, will take over at the important position, starting from January 2020. Cryan has been offering his services as a non-executive director in the Man Group for the last four years.
Man Group, plc, is a British active management business created by James man in the XVIII century. At the moment, it offers clients a range of funds with institutional investors in mind, but also for private ones. It is among the most influential hedge fund firms on the planet.
Replacing the Departing Ian Livingstone
Cryan is taking the position that was previously held by Ian Livingstone, who had been occupying it since 2016. Livingston recently presented his formal resignation and explained that it was a personal decision coming at the right time for the London-based firm.
The Man Group’s Chief Executive Officer Luke Ellis offered his thoughts about the outgoing chairman to specialized site Finance Magnates. He said that Livingston was a friend of the firm and he will still receive that treatment in the long-term, and wished him nothing but the best in his future endeavors in the industry and the House of Lords.
Referring to a recent ruling in the United Kingdom that expresses a particular person can only be a part of a firm’s board for a period of nine years, Livingston observed that his intention was to provide Cryan with enough time as a chairman.
A Week of Changes
The Man Group’s board had experienced a prominent change in the last few days, as well, considering that Jonathan Sorrell, who acted as the firm’s president until last Tuesday, presented his resignation as he is about to move to a still unspecified company in the field.
To be precise, Cryan will begin his duties and responsibilities as Man Group’s chairman on the first day of next year, January 1, 2020. He offers lots of experience to the hedge fund, considering that from 2015 to 2018, he was the CEO of the world-famous Deutsche Bank.
In addition to being the Man Group’s chairman, Cryan performs a similar role for British intelligence firm XCyber Group.