Toronto-based Franklin Templeton Investments Corp. has announced that Don Reed, president and CEO, will be retiring early next year and Duane Green, the firm’s managing director, Canada, will take his place in these roles.
Green has been in charge of Franklin Templeton’s Canadian distribution business since October 2015, and will add the titles of president and CEO when Reed officially retires on Jan. 31, 2017.
Reed has been with Franklin Templeton for 27 years and was recruited by the late Sir John Templeton to join the firm in 1989. He says he’s looking forward to having more time to travel, visit grandchildren in the U.S. and continue to pursue some of his personal philanthropic activities at organizations such as St. Michael’s Hospital and the Royal Ontario Museum in Toronto.
“It’s been a great business to be in and I’ve been fortunate to work with some extremely talented people, but I’ve done what I wanted to do and my wife has been after me for years to retire,” says Reed. “I will still be keeping my hand in a few things at Franklin Templeton, but in a non-executive role.”
Reed, also chairman and CEO of Templeton Investment Counsel of Toronto, has been responsible for the management of global/international mutual funds and separate accounts. In addition, he is president, CEO and a director of Templeton Growth Fund and is also chairman of Fiduciary Trust Co. of Canada.
Reed’s portfolio management responsibilities will be transferred to long-tenured Templeton Global Equity Group portfolio managers in Canada. Specific portfolio manager assignments will be announced closer to Reed’s retirement date.
Reed will also make the transition out of his director and chairman roles but will remain on the Templeton Growth Fund Ltd. and Franklin Templeton Corporate Class Ltd. fund boards following his retirement in a non-executive chairman role.
“Don has a long history of dedication to Templeton’s value investing principles, and we thank him for his committed service and wish him well in his future endeavours,” the firm says in a statement.
In retirement, Reed will continue to serve on the board of governors of his alma mater, Acadia University of Wolfville, N.S., and says there may be other organizations at which he can contribute his investment experience.
“I have few plans, and that’s what excites me,” Reed says. “There are new things to look at.”
Prior to joining Templeton in 1989, Reed was president of Toronto-based Reed Monahan Nicholishen Investment Counsel Inc. He has been president of the Toronto Society of Financial Analysts and is a co-founder of the International Society of Financial Analysts.
In addition, Reed was a director of the Financial Analysts Federation and served on its executive committee. In 2000, he received the Thomas L. Hansberger Award for Leadership in Global Investing.
Photo copyright: Franklin Templeton Investments Corp.