Brookfield Asset Management appoints Bruce Flatt as Chair, succeeding Mark Carney, who resigns to pursue political ambitions.
Quiver AI Summary
Brookfield Asset Management has announced the appointment of Bruce Flatt as the new Chair of the Board of Directors, simultaneously retaining his position as Chief Executive Officer. This change follows the resignation of Mark Carney, who is stepping down to run for the leadership of the Liberal Party of Canada. Flatt praised Carney's significant contributions over the past five years, particularly in establishing Brookfield as a leading private capital investor in energy transition. He expressed regret at Carney's departure but acknowledged his commitment to public service. Brookfield, which manages over $1 trillion in assets, will continue its focus on transition investing under the leadership of Connor Teskey, emphasizing its role as the world's largest impact investor.
Potential Positives
- Appointment of Bruce Flatt as Chair of the Board of Directors alongside his role as CEO signals strong leadership continuity.
- Brookfield named the world’s largest impact investor for two consecutive years, highlighting its commitment to transition investing.
- Raised over $30 billion of dedicated transition capital in less than four years, demonstrating significant financial strength in sustainable investments.
- Connor Teskey's leadership ensures continuity in the company’s strategic direction and investment activities.
Potential Negatives
- The departure of Mark Carney, a significant figure in the company, could create instability and uncertainty regarding Brookfield's leadership and strategic direction.
- By acknowledging Carney's significant contributions publicly, the press release may highlight the potential gap in leadership experience and vision that his exit creates.
- Brookfield now faces the challenge of ensuring continuity and confidence in its strategy and operations under new leadership, especially in the critical area of energy transition investing.
FAQ
Who is the new Chair of Brookfield Asset Management?
Bruce Flatt has been appointed as the new Chair of the Board of Directors at Brookfield Asset Management.
Why did Mark Carney resign from Brookfield?
Mark Carney resigned to pursue his candidacy for the leadership of the Liberal Party of Canada.
How long has Mark Carney been with Brookfield?
Mark Carney has been with Brookfield Asset Management for nearly five years.
What is Brookfield Asset Management known for?
Brookfield is a leading global alternative asset manager with over $1 trillion in assets, focusing on renewable power and transition.
What significant achievement does Brookfield have in impact investing?
Brookfield has been named the world's largest impact investor for two consecutive years, raising over $30 billion for transition capital.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
NEW YORK, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Brookfield Asset Management (“Brookfield”), a leading global alternative asset manager headquartered in New York with over $1 trillion of assets under management, announced today the appointment of Bruce Flatt as Chair of the Board of Directors, in addition to his role as Chief Executive Officer. He replaces Mark Carney, who today announced his candidacy for the leadership of the Liberal Party of Canada. Concurrent with the launch of Mr. Carney’s campaign, Brookfield has accepted his resignation from the company.
In discussing Mark Carney’s decision, Mr. Flatt said, “Mark has been a tremendous partner to the firm since he joined nearly five years ago, both in his role as Chair of Brookfield Asset Management for the past two years, and notably in establishing Brookfield as the leading private capital investor in the energy transition. We are sorry to see him leave, but he does so to fulfill his deep sense of public service to Canada and we wish him all the best in his new pursuit.”
He continued, “Under Connor Teskey’s leadership, our deep bench of experienced investment and operating professionals will continue to steer Brookfield’s world-leading transition investing activities. We are proud to have been named the world’s largest impact investor for two years running, thanks to more than $30 billion of dedicated transition capital raised in less than four years.”
About Brookfield Asset Management
BAM is a leading global alternative asset manager with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. BAM invests client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. BAM offers a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. BAM draws on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for its clients, across economic cycles.
For more information, please visit BAM’s website at www.bam.brookfield.com or contact:
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Media:
Kerrie McHugh Tel: (212) 618-3469 Email: [email protected] |
Investor Relations:
Jason Fooks Tel: (212) 417-2442 Email: [email protected] |
