BALTIMORE, Jan. 28, 2013 /PRNewswire/ -- The Boards of Directors of The Adams Express Company and Petroleum & Resources Corporation named Mark E. Stoeckle as Chief Executive Officer for the Funds, succeeding long-time Chief Executive Officer Douglas G. Ober, who previously announced plans to retire this year.
Mr. Stoeckle has had a distinguished 30-year career in financial services and asset management, and brings a wealth of investment and business experience to the role. He comes to the Funds from the global investment management firm BNP Paribas Investment Partners, in Boston, where he has served since 2004 as Chief Investment Officer, U.S. Equities and Global Sector Funds.
At BNP Paribas Investment Partners, Mr. Stoeckle and his team managed about $5 billion in domestic and global equities. Under Mr. Stoeckle's leadership, the team developed and implemented a disciplined and systematic investment process with a particular emphasis on risk management. Prior to that, he co-founded a long/short market-neutral equity fund. He also has served in portfolio management roles for Liberty Financial Corporation and MFS Institutional Advisors. Earlier in his career, Mr. Stoeckle was a Senior Vice President in the Investment Banking Group at Bear, Stearns & Co.
"We are extremely pleased to welcome Mark Stoeckle as our next CEO. With his outstanding record of achievement, he has the leadership ability and experience that are ideally suited to lead our portfolio management team and the Companies. His having managed U.S. and global assets with a strong focus on risk management will help to build on our exceptional 83-year history of returns to our shareholders and to enhance the Funds going forward," said Daniel E. Emerson, Lead Director for the Funds.
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.
Mr. Stoeckle, who plans to relocate to Baltimore from Boston, assumes his duties as CEO on February 11. He will also be joining the Funds' Boards of Directors.
Mr. Ober will continue as Chairman of the Boards through the Annual Meetings in March. He will then serve as a consultant to the Funds over the next year. "This will make his acumen and experience available to the Funds as the transition occurs," said Mr. Emerson.
The Adams Express Company is a diversified equity fund based in Baltimore. Its stock trades on the New York Stock Exchange under the ticker symbol ADX. Petroleum & Resources Corporation, also based in Baltimore, is an energy and natural resources equity fund. Its stock trades on the New York Stock Exchange under the ticker symbol PEO.
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SOURCE The Adams Express Company; Petroleum & Resources Corporation