Mackenzie embarks on executive search

Mackenzie Financial’s message couldn’t be more clear, following the announcement earlier this week that David Feather, president of Mackenzie Financial Services Inc., was leaving the company.

“It’s business as usual,” says Charles R. Sims, president and CEO of Mackenzie Financial Corp. and Mackenzie Inc. “We won’t miss a beat.”

Sims says the company is assessing the internal candidates first, pointing out that it has “a large number of senior managers” that it can draw from. An external candidate search would commence if no clear successor was found internally.

In the meantime, Sims will take the reins of the distribution arm of the firm.

“While Charlie has worked with us over the past five years, he will be working even more closely with us and our national wholesaling teams as we continue to deliver the products, service and support you need in your practice,” the firm said in a message to advisors.

In general, such an event can present an opportunity to reassess staff and to ensure that success is being recognized. With more than 1,100 employees, Sims says the company sees about the same amount of staff turnover as any other company of its size.

So far, Sims says there has been minimal advisor feedback on Feather’s departure, since he was entirely on the business side of Mackenzie. A greater reaction might be expected had he been directly involved in asset management.

“It’s a curiosity event for 24 or 48 hours, but after that it’s old news,” he says.

On a related note, Mackenzie has unveiled the agenda for its popular Mackenzie University roadshow, which kicks off April 8, in Halifax. For more details, check the Mackenzie site.

(03/26/10)