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Mairs & Power names Theobald as Chairman and CEO

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Investment advisory firm Mairs & Power has named Jon A Theobald as Chairman of the Board in addition to his current title of Chief Executive Officer.

In addition, Mark L Henneman has been named President, Chief Investment Officer and Chairman of the Investment Committee by the firm's Board of Directors, while Former Chairman William B Frels has been named Chairman Emeritus. In addition, the Board has named Ronald L Kaliebe Senior Vice President and Director of Fixed Income Investments and Glenn E Johnson Senior Vice President and Director of Portfolio Management. All executive changes became effective 1 January.

These executive changes are steps in a long-term succession plan which included the naming of Theobald as CEO and Henneman as Executive Vice President in 2012.

"Succession planning is a natural component of Mairs & Power's long-term focus," says Theobald. “As the oldest investment firm under continuous private ownership and management in Minnesota, we employ a deliberate and disciplined succession planning process to ensure consistency in our investment philosophy over time while continuing to provide highly personalised investment advice for our clients. All the individuals assuming new roles and titles at the firm have been groomed for these added responsibilities."

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