Last updated: 12:38 / Wednesday, 29 January 2014
Changes in the board

Pioneer Investments Completes its Board of Directors with Majority of Independent Members

Pioneer Investments Completes its Board of Directors with Majority of Independent Members
  • Expands number of Board Members from eight to nine with the appointment of Robert Glauber as the fifth Independent Director
  • Roger Yates, new Chairman of Pioneer Investments’ Board

Following Pioneer Investments’ (Pioneer Global Asset Management “PGAM”) ordinary shareholders meeting held on January 22, the company announces the completion of its new board of directors with the appointment of its fifth independent member, Robert Glauber, Former Chairman and Chief Executive Officer of NASD now Finra (2000-2006) and currently Chairman of the Board of XL Group Plc and Northeast Bancorp.

Mr. Glauber, whose appointment brings the number of independent directors of Pioneer Investments’ board to a majority of five, joins other well-known individuals in the industry who were appointed to the board in May of last year: Claude Kremer, Partner of Arendt & Medernach law firm, former Chairman of ALFI (2007 – 2011), former President of EFAMA (2011 – 2013); Alessandro Leipold, Former Acting Director of the European Department at the IMF including a variety of senior management roles (1982-2008), currently Chief Economist of the Lisbon Council, a Brussels-based think tank; and Antonio Vegezzi, Former Member of the Management Committee & the Board of Capital Group, currently independent director at Banque Mirabaud & Cie and visiting professor at Geneva and USI universities, former Trustee & Member of the Executive Committee of the International Financial Reporting Standards Foundation (2005-2010).

In addition, Axel Börsch-Supan, Director of the Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy & currently Professor for the Economics of Aging at the Technical University of Munich, an existing member of the company’s board is the fourth independent director.

Confirming the strategic direction already set for the company, Roger Yates, a non-executive member and former CEO of Pioneer Investments before Sandro Pierri took over this role in July 2012, was appointed chairman of the board. Commenting on his appointment, Roger Yates said, “Having been closely associated with Pioneer during my tenure as CEO, I have seen the company grow from strength to strength. As a member of the board, I have been monitoring the progress of the strategic plan and I am pleased to see the excellent results achieved in 2013 under Sandro’s leadership. It’s a fantastic time to be chairing the Pioneer board at this key stage of the company’s growth.”

The other non-independent directors are Sandro Pierri (CEO, Pioneer Investments), Giordano Lombardo (Group CIO & Deputy CEO, Pioneer Investments) and Marina Natale (CFO, UniCredit). The term of this board will be April 2016.