Paul Schott Stevens, president and CEO of the Investment Company Institute, plans to retire at the end of 2020, the mutual fund trade group announced Tuesday.
Stevens, 67, who’s been ICI’s head since June 2004, said in a Tuesday statement that “retiring from such rewarding work will be bittersweet, but I have every confidence that I will leave ICI in a very strong position for the next president.”
He previously served as ICI’s general counsel from 1993 to 1997.
ICI’s Board of Governors said that ICI has engaged Russell Reynolds Associates to work with a select committee of the Institute’s Board of Governors on a search to identify Stevens’ successor in the coming year.
Stevens added in the statement that over his years at ICI, “we have transformed ICI into a truly global organization with world-renowned research and analytical capabilities that support our advocacy on behalf of funds and their shareholders.”
“Paul’s steadfast leadership and keen intellect have been key factors in the successful growth of ICI and its work for nearly two decades,” said George C. W. Gatch, chairman of ICI’s Board of Governors and CEO of J.P. Morgan Asset Management’s global funds and global institutional businesses, in the statement.
“His ability to navigate complex regulatory and policy matters while maintaining the industry’s focus on serving fund shareholders has strengthened ICI’s ability to advocate across the globe on issues of importance to funds and investors alike,” Gatch added. “I look forward to working with the Board and Paul to identify the next leader of the Institute, who will continue building on the strong foundation ICI has laid under Paul’s leadership.”
Stevens’ previous roles include practicing law in Washington for many years, most recently as a partner in the financial services group of Dechert LLP.
He also served in senior government positions at the White House and Defense Department, including as special assistant for national security affairs to former President Ronald Reagan and as chief of staff of the National Security Council.
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