It was a short retirement for Peter Marshall. Less than two years after bidding the industry farewell, the former chairman, CEO and CIO of Halifax-based Seamark Asset åManagement Ltd. has returned to his post at the firm, following the resignation of Robert McKim on May 24.

McKim, who succeeded Marshall as president and CEO in 2004, stepped down citing “irreconcilable differences” between the board and himself. The firm says McKim’s resignation follows several months of discussions and is strictly related to “significant differences of opinion” about how the company should be managed internally.

“Bob had his approach to management, and the board was not particularly comfortable with [it],” Marshall said in an analysts’ conference call in May that addressed the shakeup. “And, similarly, Bob was not comfortable with the approach advocated by the board. In the end, these differences turned out to be irreconcilable.”

During the call, Marshall shot down speculation that McKim’s departure was related to the company’s recent poor performance. In its latest quarterly results, Seamark reported assets under management of $10.5 billion as of March 31, down from $10.9 billion in the same quarter last year.

“We did not have a good year last year, mainly because of our penchant for buying companies that are good long-term prospects but are ‘out of phase,’ if you will,” Marshall says. “And we generally suffer with those positions awhile.”

Even so, he insists the company’s “patient, disciplined” investment philosophy will remain intact and credits McKim for his contributions during his time with the firm.
The pair worked together at Seamark since 1984, two years after Marshall founded the company. McKim was in charge of the company’s day-to-day operations from 1996 until he succeeded Marshall.

“Bob and I worked together for 20 years, and he did a great job for Seamark,” Marshall says. “He deserves a lot of credit for what we’ve achieved over the years.”

Now that Marshall is back at the helm, he says he is focused on pulling the company together and continuing its growth south of the border. In 2004, Seamark expanded its operations to the U.S. with an agreement to offer U.S. equity management services to Massachusetts-based Greg Reid Associates Inc.

Although the reappointment is on an interim basis until a successor is named, Marshall, 66, is in no rush to leave. He retained an office at the firm throughout his retirement and will play an active role in the candidate search. “I’ll stay as long as it takes to find the right person for the job,” he says.

Both internal and external candidates will be considered for the post, which may be split into two separate positions of CEO and CIO.

Marshall won’t speculate on how long it may take to name a replacement, but offers a hint: “I don’t want to scare anybody, but I had a medical exam recently and the doctor told me I could probably work until I’m 80.” IE