Adams Diversified Equity Fund and Adams Natural Resources Fund Announce Retirement of Mark E. Stoeckle
Adams Funds, comprising Adams Diversified Equity Fund (NYSE: ADX) and Adams Natural Resources Fund (NYSE: PEO), announced the retirement of CEO Mark E. Stoeckle after a decade of leadership. He served as CEO since February 2013 and will remain on the Boards of Directors. Stoeckle previously enjoyed a 32-year career in financial services, including positions at BNP Paribas and Bear, Stearns & Co. His successor, James P. Haynie, has been appointed as the new CEO effective immediately. Chairman Kenneth J. Dale praised Stoeckle's contributions, particularly during challenging market conditions and the pandemic. Adams Funds, established in 1929, focuses on achieving a 6% annual distribution rate to provide reliable income to its investors.
- New CEO James P. Haynie appointed to lead Adams Funds.
- Adams Funds have maintained an annual distribution rate of 6% or more for long-term investors.
- None.
BALTIMORE, April 20, 2023 (GLOBE NEWSWIRE) -- Adams Funds, comprised of Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO), two of the nation’s oldest closed-end funds, today announced that, after 10 years leading the Companies, Mark E. Stoeckle has retired. He served as Adams Funds’ Chief Executive Officer since February 2013 and President of ADX since January 2015. He also led the Funds’ Management Committee.
Before joining Adams Funds, Mark had a 32-year career in financial services and asset management. He came to the Funds from the global investment management firm BNP Paribas Investment Partners and last served as Chief Investment Officer, U.S. Equities and Global Sector Funds. Prior to that, he co-founded 646 Advisors, a long/short market-neutral equity fund. He also served in portfolio management roles for Liberty Financial Corporation and MFS Institutional Advisors. Earlier in his career, Mark was a Senior Vice President in the Investment Banking Group at Bear, Stearns & Co.
A graduate of Bethany College in West Virginia, Mr. Stoeckle earned an MBA in Finance from the F.W. Olin Graduate School of Business at Babson College. He will continue to serve Adams Funds in his role as a director on the Boards.
Adams Funds also announce that James P. Haynie, who was elected by the Boards to succeed Mr. Stoeckle, has assumed his new responsibilities as Chief Executive Officer of Adams Funds and has also been elected to the Boards, effective today.
Kenneth J. Dale, Chairman of the Boards, said “Mark’s distinguished service and contributions to the success of the Funds, including navigating turbulent markets and an unprecedented pandemic, have served our shareholders well and we wish him all the best in retirement. We are confident that our shareholders will continue to be well served by Jim Haynie as he steps into his new responsibilities.”
About Adams Funds
Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO).The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 85 years across many market cycles. The Funds are committed to paying an annual distribution rate of
For further information please contact:
adamsfunds.com/about/contact
800.638.2479
FAQ
What leadership changes occurred at Adams Funds in April 2023?
What experience does Mark E. Stoeckle have prior to retiring from Adams Funds?
What are the funds managed by Adams Funds?
What has been the distribution policy of Adams Funds?
How long have Adams Funds been in operation?
