Scudder Hires CEO Away From Dreyfus
May 6, 2002
Thomas Eggers has been named president and CEO of Scudder Investments. He joins the firm from The Dreyfus Corp., where he had served for six years, only last October becoming president of Dreyfus and CEO of Dreyfus Service Corp. [see MFMN 10/8/01]. He replaces Mark Casady, who has joined LPL Financial Services of Boston as COO.
In his new position, Eggers reports to William Shiebler, CEO of Scudder's parent company, Deutsche Asset Management of the Americas.
"I am happy to be joining Scudder at such an exciting time," Eggers said. "The opportunities to continue to grow this business are extensive. Scudder's commitment to client service is outstanding, and I look forward to developing additional ways to serve our clients and advisers."
Shiebler said that Eggers is a good fit for the company. "Tom brings over 25 years of asset management experience with him," Shiebler said. "He has a clear understanding of and focus on the needs of clients and advisers, which will be core to Scudder Investments' growth strategy."
Meanwhile, at Dreyfus, Michael Millard has been named president of the firm and CEO of Dreyfus Service Corp., replacing Eggers. Charles Cardona has been named vice chairman, and Diane Durnin has been promoted to executive vice president.
Millard, who has been with Dreyfus since 1996, was in charge of the firm's internal and external sales forces for long-term mutual funds. Cardona, a 20-year veteran of the firm, had been president of Dreyfus Institutional Sales and Services. Durnin will now oversee marketing and advertising, in addition to her current responsibilities as head of Dreyfus Strategic Product and Business Development.
In speaking of the promotions, Stephen E. Canter, chairman and CEO of Dreyfus, said they "recognize the accomplishments of three very talented and experienced professionals, as well as the depth of management talent at Dreyfus. During a difficult period for the financial markets, Dreyfus has increased its assets under management by 38% since the beginning of 2001, from $136 billion to $188 billion."
Dreyfus is a wholly owned subsidiary of Mellon Financial Corp.