CHICAGO--(BUSINESS WIRE)--PPM America, Inc. (PPM) today announced that Mark Mandich, President and Chief Executive Officer, will be retiring following his nearly 30-year tenure with the firm effective January 1, 2021. Mark will remain in an advisory capacity through mid-2021 to ensure a seamless transition. Craig Smith, Chief Investment Officer, will be promoted to assume the role of President and CEO in addition to retaining his responsibilities as CIO.
Mark joined PPM in 1993 and has served in various senior leadership roles during his tenure, including Chief Operating Officer. He has been serving as the firm’s CEO since 2015.
“I am extremely grateful for the opportunity to have worked at PPM for nearly 30 years with so many talented, smart and focused colleagues. I was fortunate to lead many of PPM’s strategic growth initiatives over the years and have been honored to help deliver results to our clients and investors. I look forward to supporting Craig and everyone at PPM who continue to put our clients first,” said Mark.
“Craig will be a great CEO for PPM,” Mark added. “Craig has a deep understanding of PPM’s businesses and how we offer sustainable market differentiation. His extensive background and expertise will continue to be a great asset to PPM.”
Craig joined PPM in 2006 and has 25 years of investment experience. He’s been serving in a CIO capacity for the firm since 2015. Prior to joining PPM in 2006, Craig was a vice president and senior portfolio manager at Loomis Sayles & Co., where he managed core and core plus bond portfolios for institutional clients. Craig assuming the CEO role has been part of the firm’s long-term succession planning.
“I want to thank Mark for his many years of service to PPM,” said Craig. “I'm excited to build on the legacy and path that Mark has established in the organization that will help drive PPM’s future success. Delivering value to our partners and clients remains our top priority and we are committed to delivering solutions and service to meet the unique investment objectives of our global investors.”
About PPM America
Our mission is to be indispensable to our clients.
Founded in 1990, PPM America, Inc. (PPM) is a US-based institutional asset manager with $109.12 billion in assets under management as of September 30, 2020. We have the expertise to provide client investment solutions in public fixed income, public equity, private equity and private debt. Our investment approach is guided by team-based values and our firm size allows us to remain nimble and investment-led. For more information about PPM, please visit PPM America’s website at: www.ppmamerica.com.
PPM is an indirect, wholly owned subsidiary of Jackson Financial Inc., which is a subsidiary of Prudential plc (UK Parent), a publicly held company founded in 1848 that, together with its affiliates, constitute one of the world's leading insurance and financial services groups. The UK Parent is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America, or with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.