Sceptre Investment Counsel Ltd. has appointed David Pennycook as interim chief executive officer, the company said Tuesday.

The company reported the death of CEO Glenn Inamoto as a result of sudden illness on Monday.

“Glenn was a friend and an important member of the Sceptre organization and the loss is difficult for everyone. Our thoughts and prayers are with his family,” said Ross Walker, chairman of the board, in a release.

At a special meeting of the board of directors, Pennycook was appointed interim CEO and member of the board of the Toronto-based independent investment management firm.

Pennycock joined Sceptre in 1991 and most recently held the position of president and head of institutional marketing and servicing. He will continue to be responsible for the institutional marketing and servicing function, in addition to his new role.

The board also announced the commencement of a formal search for a permanent CEO.

“We are pleased that David has agreed to step in to lead Sceptre on a day to day basis while we find a replacement for Glenn. I know he has the skills, expertise and experience to ensure that it will continue to be business as usual through this period of transition”, Walker said.

IE