CEO Mark E. Stoeckle Announces Retirement Plan, Boards Elect James P. Haynie as Successor

Rhea-AI Summary

Adams Funds announces Mark E. Stoeckle's retirement as CEO in April 2023 after ten years of leadership, navigating through volatile markets and the COVID-19 pandemic. James P. Haynie, currently Executive Vice President and a member of the investment committee, is appointed as his successor. Under Stoeckle, the Funds achieved consistent performance, rebranded, and celebrated their 90th anniversary in 2019. Haynie brings over 35 years of financial services experience and is expected to maintain continuity in leadership and performance for shareholders.

Positive

• James P. Haynie's appointment ensures leadership continuity.
• Under Stoeckle, Funds achieved consistent performance despite market volatility.
• Adams Funds has a history of paying dividends for over 80 years.

Negative

• None.

BALTIMORE, Sept. 07, 2022 (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 Mark E. Stoeckle will retire as Chief Executive Officer and that the Boards of Directors have appointed James P. Haynie to succeed him.

Mr. Stoeckle will step down as Chief Executive Officer in April 2023 after ten years with the Funds. He has served as Adams Funds’ Chief Executive Officer since his appointment in February 2013 and successfully led the Funds through a variety of different markets, including periods of extreme volatility and the COVID-19 pandemic. Under Mr. Stoeckle’s leadership, the Funds achieved and maintained excellent performance.

“Mark has led the Funds with distinction, navigating them through turbulent markets and an unprecedented pandemic using a disciplined investment philosophy and process. In addition to exceptional Fund performance, during his tenure, the Funds successfully rebranded under the Adams Funds name and celebrated their 90^th years of operation in 2019. His stalwart leadership and contributions to the success of the Funds have served our shareholders well,” said Kenneth J. Dale, Chairman of the Boards.

Mr. Stoeckle has agreed to continue to serve the Funds by remaining on the Boards of Directors after his retirement as CEO. He will stand for election to the Boards at the next Annual Meetings of Stockholders.

Mr. Haynie is currently Executive Vice President of Adams Diversified Equity Fund and President of Adams Natural Resources Fund. He has served as a Senior Portfolio Manager and member of each Fund’s investment committee since joining Adams Funds in August 2013. He will also join the Boards in April 2023.

Mr. Haynie has over 35 years of experience in financial services and asset management, the last nine with Adams Funds. He is a key member of the team that developed the Funds’ disciplined investment approach, which includes a focus on risk management. Mr. Haynie came to the Funds from the global investment management firm BNP Paribas Investment Partners, where he served as Chief Investment Officer, U.S. Equities. Prior to joining BNP, he co-founded 646 Advisors, a long/short market-neutral equity fund. He also served in portfolio management roles for Liberty Financial Corporation and Trinity Investment Management. Earlier in his career, he worked at Chemical Bank.

A graduate of Colorado College, Mr. Haynie earned an MBA in Finance from the Tuck School of Business at Dartmouth College. He is a Chartered Financial Analyst.

“We are extremely pleased to announce the election of Jim Haynie as the next Chief Executive Officer of Adams Funds. Jim has been an essential part of the Funds’ successful performance and our action ensures the continuity of leadership that our Fund shareholders rely on. We are confident their trust will be well-placed,” said Mr. Dale. Mr. Stoeckle added, “Jim is the right person to lead Adams Funds. I have worked with him since 1996 and know him to be an outstanding person, portfolio manager, and leader. I am confident Jim will build on Adams Funds’ strong investment culture to continue our excellent investment record.”

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 80 years across many market cycles. The Funds are committed to paying an annual distribution rate of 6% or more, providing reliable income to long-term investors. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com.

500 East Pratt Street, Suite 1300, Baltimore, MD 21202 │ 410.752.5900 │ 800.638.2479 │ adamsfunds.com

FAQ

What is the significance of Mark E. Stoeckle's retirement for ADX and PEO?

Mark E. Stoeckle's retirement marks a leadership change after ten years, during which he successfully navigated the Funds through volatile markets.

Who is the new CEO of Adams Funds after Stoeckle?

James P. Haynie will succeed Mark E. Stoeckle as CEO, continuing the leadership in April 2023.

How has Adams Funds performed under Mark E. Stoeckle's leadership?

Under Stoeckle's leadership, Adams Funds achieved consistent performance and rebranded, celebrating its 90th anniversary in 2019.

What experience does the new CEO James P. Haynie bring?

James P. Haynie has over 35 years of experience in financial services and asset management, with a focus on risk management.

What is the dividend policy of Adams Funds?

Adams Funds are committed to paying an annual distribution rate of 6% or more, providing reliable income for long-term investors.