July 9 (Reuters) - Wachovia Corp WB.N unit Evergreen Investment Management Co’s chief executive, Dennis Ferro, will retire at the end of this year, The Wall Street Journal reported.
Ferro, who served as CEO for 5 years, will be succeeded by Peter Cieszko, currently head of the unit’s global distribution, the paper said.
David Germany, a veteran of Morgan Stanley Investment Management, will take over as chief investment officer, the paper added.
Over the last year, Evergreen Investment has been troubled with problems because of its funds’ mortgage- and asset-backed investments.
In June, it liquidated its Ultra Short Opportunities Fund, a fund that invested in asset and mortgage-backed securities, whose net asset value fell sharply during the year.
Ferro denied the turmoil had anything to do with his plan to retire and said he has been discussing retirement with top management for more than a year, according to the paper.
“I don’t think it’ll be a shock to anybody in the business,” Ferro, was quoted by the paper as saying.
Ferro will help Cieszko transition into his new role.
Evergreen Investments did not immediately return a call seeking comment. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast)