Toronto-based Gluskin Sheff + Associates Inc. announced on Thursday that Thomas MacMillan, the firm’s chairman of the board, has been appointed as CEO, effective July 1, following the departure of Jeremy Freedman, who has indicated his intention to retire as president, CEO and a director with the firm effective June 30, the company’s fiscal yearend.
MacMillan is a longtime veteran of the financial services business in both Canada and the U.S. He has served as president and CEO of CIBC Mellon from 1998 to 2009 and was chairman of Blair Franklin Asset Management when Gluskin Sheff acquired the company in 2014.
Freedman joined Gluskin Sheff in 2000 and took over responsibility for all day-to-day operations beginning in 2001. He served as the company’s chief operating officer and deputy CEO before being appointed as president and CEO on July 1, 2010. During his tenure at the firm, assets under management grew to more than $8 billion from $1 billion while the organization grew to more than 150 employees from just 35.
“For 16 years, Jeremy has dedicated himself to evolving the way in which the company serves its clients for their benefit and the benefit of the firm’s shareholders and employees,” says Paul Beeston, vice chairman of the board, in a statement. “We are grateful for his contributions and understand his desire to now focus on personal priorities.”
“I have enjoyed a remarkable 16 years with Gluskin Sheff, and the depth of our team allows me to pass the baton with great confidence,” says Freedman in the statement. “I intend to remain one of the firm’s largest shareholders and look forward to continuing to support the firm in every way possible.”
MacMillan will continue as chairman of the board, Beeston will continue as vice chairman and Nancy Lockhart will be appointed lead director.
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