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Posted 08 February, 2023

Invesco Ltd. appointed Andrew R. Schlossberg as new CEO

NYSE:IVZ appointed new Chief Executive Officer Andrew R. Schlossberg in a 8-K filed on 08 February, 2023.


  The Company also announced on February 8 that Andrew R. Schlossberg will succeed Mr. Flanagan as President and CEO of the Company and a member of the Board of Directors effective June 30, 2023.  

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Overview of Invesco Ltd.
Financial Services • Investment Advisors
Invesco Ltd. engages in the investment management business. Its product includes mutual funds, unit trusts, exchange-traded funds, closed-end funds, and retirement plans. The company was founded in December 1935 and is headquartered in Atlanta, GA.
Market Cap
$7.02B
View Company Details
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of 

 Certain Officers; Compensatory Arrangements of Certain Officers.


On February 8, 2023, Invesco Ltd. (the "Company") announced that Martin L. Flanagan has decided to retire as President and CEO of the Company effective June 30, 2023. Mr. Flanagan will continue to have a role with the Company, serving as Chairman Emeritus for the Company commencing June 30, 2023. In this new role, Mr. Flanagan will provide advice, guidance and support to the Company. Mr. Flanagan will remain a member of the Company's Board of Directors until June 30, 2023.


The Company also announced on February 8 that Andrew R. Schlossberg will succeed Mr. Flanagan as President and CEO of the Company and a member of the Board of Directors effective June 30, 2023. Mr. Schlossberg, 49, has been the Senior Managing Director and Head of Americas since 2019. Mr. Schlossberg joined the Company in 2001 and has served in multiple leadership roles across the Company's businesses and locations, including as Senior Managing Director and Head of EMEA from 2016 to 2019, and in earlier roles as Head of US Retail Distribution and global exchange-traded funds, as US Chief Marketing Officer, as Head of Global Corporate Development, and leadership roles in strategy and product development in the Company's North American institutional and retirement divisions.


In connection with his promotion to President and CEO, Mr. Schlossberg will receive a salary of $750,000 per year and will be eligible to receive annual incentive compensation (comprised of a cash bonus, time-based equity and performance-based equity) ranging from 0% to 130% of his annual incentive target set by the Compensation Committee of the Company. He will also continue to receive the same employee benefits he received prior to his promotion. 


In connection with Mr. Flanagan's future retirement, Mr. Flanagan and the Company will enter into a Retirement Agreement, pursuant to which Mr. Flanagan will (a) remain an employee of the Company until December 31, 2023 for which he will receive his current base salary through that date, (b) be eligible for pro-rated incentive compensation for the period of January 1, 2023 through June 30, 2023 (which will be paid in February 2024 in accordance with the Company's annual incentive compensation payment cycle), and (c) receive vesting of all of his equity awards that are unvested on July 15, 2024. While employed by the Company, Mr. Flanagan will continue to receive his same level of employee benefits. Upon his retirement, the Company and Mr. Flanagan will enter into a consulting agreement for calendar year 2024 under which he will be paid a monthly fee of $32,917 to provide advice and guidance to the CEO of the company. 


Mr. Flanagan's current Second Amended and Restated Master Employment Agreement, dated April 1, 2011, will be terminated upon entering into his Retirement Agreement. A copy of Mr. Flanagan's Retirement Agreement, which also provides for the consulting agreement described above, will be filed in accordance with Item 6.01 of Regulation S-K once executed, and the above description is qualified by the terms to be included therein.


Additionally, on February 8 the Company announced that Gregory McGreevey has decided to retire from the Company effective October 1, 2023 and will step down as Senior Managing Director, Investments effective immediately. In connection with his retirement, Mr. McGreevey will receive his current base salary until retirement, a cash bonus of $1,575,000 as incentive compensation in respect of the portion of 2023 he is actively employed (to be paid upon retirement) and receive vesting of all of his equity awards that are unvested on April 15, 2024. He will also continue to receive his same level of employee benefits until his retirement. The Company and Mr. McGreevey will enter into a Retirement Agreement on terms consistent with the foregoing, a copy of which will be filed in accordance with Item 6.01 of Regulation S-K once executed.