Alternative asset manager Great Elm Group Inc said on Friday that Peter Reed had stepped down as Chief Executive Officer with immediate effect.
The company’s board of directors has unanimously appointed Jason Reese to the role of CEO in addition to his existing role of Executive Chairman of the Board.
Having more than 30 years of experience in financial services, Jason Reese is the Co-Founder, Chairman and Chief Executive Officer of Imperial Capital Asset Management LLC and the Co-Founder of Imperial Capital LLC, with both companies established in 1997.
Imperial Capital Asset Management is a registered investment advisor, while Imperial Capital is a registered broker-dealer.
“On behalf of the Board, I am thrilled to have Jason expand his role with GEG to CEO,” Matt Drapkin, Great Elm Group’s Board Vice Chairman, said in a press release.
“The Company has worked diligently over the last year to reposition its focus solely on alternative asset management with Jason as the Executive Chairman of the Board. The appointment of Jason as CEO is the natural culmination of our repositioning efforts,” Drapkin added.
“I want to take the opportunity to thank Pete Reed for his service and contributions to Great Elm. Pete steps down with our full support, and we look forward to working with Pete as a consultant to the Company to ensure a smooth transition. I am fortunate that the Board asked me to assume the role of CEO, and I gratefully accept their appointment,” Jason Reese said.
“It is now my job as CEO to prove to our shareholders that we can achieve our plans to grow our existing businesses and expand our investment management platform.”