Amvescap plc’s chairman Charles Brady has decided to step down at the company’s annual general meeting on April 27.

Brady will be succeeded as chairman by Rex Adams, 65, who has been a non-executive director of the company since November 2001.

“With Amvescap having successfully resolved the challenges of the recent past and with Marty Flanagan and his management team providing strong leadership that is growing Amvescap’s business momentum, I have decided that the conclusion of our upcoming annual general meeting is the appropriate time to step down from Amvescap’s board,” said Brady.

At the request of the board, Brady, who has been chairman of the company since 1992, will remain an employee for a period of time to ensure the continued and effective transition to a non-executive chairman.

As for Adams, he was dean of the Fuqua School of Business at Duke University from 1996 to 2001. Prior to that he spent 30 years at Mobil Corp. He joined Mobil International in London in 1965, and served as vice-president of administration for Mobil from 1988 to 1996.

“Amvescap is very fortunate to have a proven leader with Rex Adam’s global business experience and expertise to lead our board going forward,” added Brady. “I have every confidence in Amvescap’s future success.”

“The board and I share Charlie’s confidence in the company’s management and are dedicated to continuing Amvescap’s commitment to provide enduring solutions for our clients and build value for our shareholders,” Adams said. “This transition will mark the final step in the implementation of a carefully developed multiyear succession planning process, which has successfully transferred management from the founding members of Amvescap to the next generation of leadership.”

Additionally, in accordance with the board’s retirement policy, Bevis Longstreth, 72, will not stand for re-election at the annual general meeting. Thomas Fischer, 58, has announced he will not seek re-election to the Board due to other extensive work commitments.

Amvescap is a leading independent global investment manager operating under the AIM, INVESCO, AIM Trimark, INVESCO PERPETUAL and Atlantic Trust brands.