Tom MacMillan has decided to step down as president and CEO of Gluskin Sheff + Associates Inc. effective immediately, the Toronto-based wealth management firm announced Tuesday.

MacMillan also stepped down as director of the company.

His replacement is Jeff Moody. Moody has been with the company in various leadership roles since 2001, most recently as senior executive vice president, investments and client wealth management and chairman of the asset mix committee. He has also been appointed to the board of directors.

“I am honoured to lead Gluskin Sheff during this exciting time. The favourable arbitration ruling from the dispute with our co-founders and solid results of the past year have us well positioned for continued success,” Moody says in a statement.

“I want to express my sincere gratitude to Tom for his mentorship and leadership through a challenging period in the company’s history,” he adds.

The board of directors expressed its gratitude to MacMillan for his stewardship of the company for the past year.

“We are very grateful to Tom for his leadership and professionalism during his tenure as CEO, and in particular his efforts in achieving a successful outcome in the dispute with our co-founders. We thank Tom for his service and wish him all the best,” says Nancy Lockhart, lead director, in a statement.

The leadership change came as the firm reported a profit of $5.8 million or 19¢ per diluted share on nearly $31.6 million in revenue for the quarter ended June 30.

That compared with a profit of $3.3 million or 11¢ per diluted share on $27.4 million in revenue in the same quarter a year ago.

Assets under management increased to nearly $8.9 billion compared with nearly $8.3 billion in the same quarter last year.

With files from The Canadian Press