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Robert Sankey, executive vice president and COO, Burgundy Asset Management Ltd., will assume the position of CEO effective Jan. 1, 2019, the Toronto-based company announced Wednesday.

Tony Arrell, Burgundy’s current CEO and chairman, will continue to be active in the independent investment management firm as chairman and a large shareholder.

“This transition of roles is the culmination of a succession plan that began two years ago,” the company says says in a news release.

Say Arrell in a statement: “Rob is very well suited for this role and I am confident he will do an excellent job. He is 43 years old and he has been with Burgundy for nearly 14 years. He has in-depth experience in investment research, which is the bedrock of the firm’s activity, and he has a good deal of experience in management. Most importantly, in my view, Rob is of exemplary character and sound judgment.”

Sankey joined Burgundy in 2005. During his time at the firm, he has filled roles in operations, performance measurement and compliance. However, the majority of his time has been spent within the investment department researching businesses across the world and serving as Burgundy’s director of research.

Sankey has more than 20 years of experience in the financial services industry. Prior to joining Burgundy he worked at HSBC, CIBC Mellon, and Russell/Mellon Analytical Services in positions spanning client service, accounting and performance and risk analytics.

He graduated from the University of British Columbia with a bachelor of science in forestry. He is a graduate of the advanced management orogram at Harvard Business School and he is a CFA charterholder. Sankey currently serves on the national board of Cystic Fibrosis Canada.

Founded in 1990, Burgundy provides discretionary investment management services to institutions and high net-worth individuals in Canada, the United States and internationally.