Furnary Stepping Down as Clarion CEO

Clarion Partners headquarters at 230 Park Ave. in New York City. (Photo: RXR Realty)

NEW YORK CITY—Clarion Partners cofounder Stephen Furnary is stepping down as the investment manager’s CEO, according to published reports. Furnary will remain as executive chairman while turning over the CEO’s chair to president and CIO David Gilbert. The change in leadership is effective May 1, PERE reported Monday.

Furnary will work on enhancing Clarion’s investment offerings, remaining on its investment committee and working with parent company Legg Mason, according to PERE. “This succession has been carefully programmed over the past few years, and Clarion is truly blessed that we have such depth in management across the firm to handle this transition seamlessly,” Furnary wrote in an e-mail to industry contacts earlier this month; PERE obtained a copy.