TCW Group chief Beyer to step down
Los Angeles-based money manager TCW Group said Monday that Chief Executive Robert D. Beyer would step down at the end of June as the company prepares to separate from its French parent.
TCW, parent of Trust Co. of the West, manages about $100 billion in stocks and bonds. The company has been majority-owned by French bank Societe Generale since 2001. But in January, Societe adopted a restructuring plan that calls for TCW to be spun off in the next few years.
The 49-year-old Beyer, who took over as CEO in 2005 from TCW founder Robert A. Day, 65, said he believed that TCW no longer needed his vision as it works toward independence.
Day named Vice Chairman Marc I. Stern to replace Beyer. Stern, 65, said he would stay in the CEO role for “as long or as short as it takes to facilitate” the firm’s transition either to a management-owned or publicly owned company.
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