The head of Invesco announced Wednesday he will retire this summer, prompting a wave of executive changes within the Atlanta-based asset management company.
Marty Flanagan, who has been Invesco’s president and CEO since 2005, will retire June 30, according to a news release. His successor will be Andrew Schlossberg, the company’s current senior managing director and head of Americas.
Flanagan has been a prominent figure of the city’s business community since 2007, when Invesco moved its headquarters to Atlanta from London. He’s ranked as one of the highest-paid chief executives in Georgia, sometimes even topping the list. Flanagan ranks at the state’s 16th highest-paid private executive with more than $12 million in total compensation, according to the Atlanta Business Chronicle.
He’s also been active in several civic circles and organizations, including a stint serving as the chair of the Metro Atlanta Chamber.
Invesco Board Chair G. Richard Wagoner Jr. said in the release, “The Board and I are extremely appreciative of Marty’s many significant achievements during his 18 years at Invesco, which will have an enduring impact on the firm’s long-term success.”
Flanagan will continue in an advisory role through 2024 as the board’s chairman emeritus. Invesco declined interview requests in the wake of Wednesday’s announcement.
Invesco is in the process of moving its Atlanta employees to the recently completed Midtown Union offices, vacating its current tower on Peachtree Street. The company has managed more than $1 trillion in client assets, has more than 8,600 employees and reported $1.44 billion in revenue during the fourth quarter of 2022. Revenue for 2022 was about $6 billion, a 12% decrease from the year prior.
Schlossberg will become CEO and president starting in July. He has 26 years of asset management experience and has been with Invesco since 2001.
“I’ve worked side-by-side with Andrew throughout my career at Invesco and have found him an exceptional leader who is highly focused on delivering the best possible experience for our clients,” Flanagan said in the release. “I have every confidence that Andrew and the Executive Leadership Team will build on our strong momentum to take the business forward.”
Invesco is going through other executive changes that were announced Wednesday.
Doug Sharp, senior managing and director and head of Europe, the Middle East and Africa (EMEA), will assume an expanded leadership role that will include the Americas. Greg McGreevey, senior managing director and head of investments, will retire. That leads Stephanie Butcher, chief investment office of EMEA, and Tony Wong, global head of fixed income investments, to becoming co-heads of investments.
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