Avon’s Ironwood Capital said it has named President Marc A. Reich chairman and CEO.
Reich will focus primarily on firm management and strategy, investor relations and raising capital, Ironwood said.
Meanwhile, the company’s chief investment officer, Carolyn C. Galiette, will become president, while keeping her previous title and duties.
Ironwood, which has more than $500 million under management, said the changes are part of a long-standing succession plan.
In addition, it added “senior” to Managing Director Victor R. Budnick’s title. Budnick previously was president and executive director of the state’s quasi-public venture capital entity, Connecticut Innovations.
Reich has been president of Ironwood since it formed in 1986 as an investment banking arm of Aetna Life & Casualty. Reich, Galiette and others purchased the firm from Aetna four years later, shifting its focus to investment management.
Galiette has been with Ironwood since 1988 and has been a senior managing director since 2001.
