Proxy advisory firm Glass Lewis shakes up senior ranks, hires from BlackRock By Reuters

Proxy advisory firm Glass Lewis shakes up senior ranks, hires


© Reuters.

By Svea Herbst-Bayliss

BOSTON (Reuters) – Influential proxy advisory firm Glass Lewis on Monday said it is replacing its head of research and head of sales with two outsiders, marking another shakeup in its top ranks one year after its chief executive officer left.

Eric Shostal joins the San Francisco-headquartered firm as senior vice president of research and engagement, and Aaron Bertinetti, an eight-year Glass Lewis veteran who had been global head of research, said he will leave the firm.

Glass Lewis helps shape the outcomes of major corporate ballots and provides global governance services.

Shostal most recently worked at BlackRock Inc (NYSE:) in its investment stewardship group which determines how the mutual fund giant casts its votes in corporate elections.

Glass Lewis also hired Dan Concannon as chief commercial officer where he will oversee the company’s worldwide sales functions. He most recently worked at Concannon Consulting.

Both Concannon and Shostal once worked at Institutional Shareholder Services, Glass Lewis’ larger and more powerful competitor.

“Dan and Eric have deep experience in ESG (environmental, social and governance) and shareholder engagement within the institutional investment community. We are thrilled to bring their leadership and expertise to Glass Lewis to meet the evolving needs of our clients,” John Wieck, Glass Lewis’ chief operating officer, said in a statement.

The shakeup comes exactly a year after Katherine “KT (NYSE:)” Rabin stepped down as chief executive officer at a time Glass Lewis was facing increasing competition from its main rival and increased regulatory oversight by the U.S. Securities and Exchange Commission.

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