Mairs & Power Names Jon Theobald Chairman and CEO; Mark Henneman President and CIO; Former Chairman William Frels moves to Chairman Emeritus; Other Executive Changes and Promotions Announced

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Jan 13, 2015, 10:05 ET

ST. PAUL, Minn., Jan. 13, 2015 /PRNewswire/ -- Mairs and Power, Inc., an independent, employee owned investment advisory firm, announced that Jon A. Theobald has been named Chairman of the Board in addition to his current title of Chief Executive Officer; Mark L. Henneman has been named President, Chief Investment Officer and Chairman of the Investment Committee by the firm's Board of Directors. Former Chairman William B. Frels has been named Chairman Emeritus. In addition, the Board named Ronald L. Kaliebe Senior Vice President and Director of Fixed Income Investments and Glenn E. Johnson Senior Vice President and Director of Portfolio Management. All executive changes became effective January 1^st.

These executive changes are steps in a long-term succession plan which included the naming of Mr. Theobald as CEO and Mr. Henneman as Executive Vice President in 2012.

"Succession planning is a natural component of Mairs & Power's long-term focus," said Mr. Theobald. "As the oldest investment firm under continuous private ownership and management in Minnesota, we employ a deliberate and disciplined succession planning process to ensure consistency in our investment philosophy over time while continuing to provide highly personalized investment advice for our clients. All the individuals assuming new roles and titles at the firm have been groomed for these added responsibilities."

Jon A. Theobald, Chairman and CEO, joined Mairs and Power, Inc. in 2002. He served as President and Chief Operating Officer from 2007 through 2012, when he was elected Chief Executive Officer. Mr. Theobald has over 40 years of industry related experience, beginning his career as a Trust Officer with US Bank in Saint Paul (formally First Bank System/First Trust) and then working for other local trust companies. Before joining Mairs & Power, he was Senior Vice President at U.S. Trust Company in Saint Paul. Mr. Theobald earned a BA from Saint John's University in Collegeville, Minnesota and a law degree from Saint Louis University Law School in Missouri. He was admitted to the Minnesota Bar in 1970.

Mark L. Henneman, President and Chief Investment Officer, joined Mairs & Power in 2004 as Vice President and Investment Manager. In 2006 he was named co-manager of the Mairs & Power Growth Fund and became lead manager in 2013. Mr. Henneman began his investment management career as an analyst with The St. Paul Companies (now Travelers Companies). He also worked as a portfolio manager with Advantus Capital Management and prior to joining Mairs and Power, Inc., he was Managing Director and Process Leader of mid- and large-cap value Investments at U.S. Bancorp Asset Management (now Nuveen Asset Management). Mr. Henneman earned a BA from Gustavus Adolphus College in St. Peter, Minnesota and went on to graduate with an MBA from the University of Minnesota, Carlson School of Management. He is a CFA charterholder as well as a Chartered Investment Counselor.

William B. Frels, Chairman Emeritus, joined Mairs and Power, Inc. in 1992 as lead manager of the Mairs & Power Balanced Fund, a position he held until 2013, as well as Vice President and Investment Manager. He was named co-manager of the Mairs & Power Growth Fund in 1999 and served as the Growth Fund's lead manager from 2004 until 2013. Mr. Frels served as Chairman and CEO of Mairs and Power, Inc. from 2007 until 2012. He began his career with First National Bank of Minneapolis as security analyst and later became Director of Research before spending several years at the First Trust Company of Saint Paul as a senior portfolio manager. Mr. Frels earned a BBA in Finance from the University of Wisconsin, Madison. He is a CFA charterholder as well as a Charted Investment Counselor.

Ronald L. Kaliebe, Senior Vice President and Director of Fixed Income, joined Mairs and Power, Inc. in 2001 as Vice President and Investment Manager. In 2006 he was named co-manager of the Mairs & Power Balanced Fund and became lead manager in 2013. Mr. Kaliebe started his career as a lecturer in finance at the University of Wisconsin, La Crosse, and then worked as a portfolio manager and research analyst with US Bank (formerly First Bank System/First Trust). Prior to joining Mairs and Power, Inc., he served as Chief Investment Officer for MSI Insurance Companies. Mr. Kaliebe earned a BA and MA in economics from the University of Wisconsin, Oshkosh and an MBA from the University of Wisconsin, Madison. He is a CFA charterholder as well as a Chartered Investment Counselor.

Glenn E. Johnson, Senior Vice President and Director of Portfolio Management, joined Mairs and Power, Inc. in 2010 as Vice President and Investment Manager. He began his career as an equity analyst with Piper Jaffray in 1985 and then served in the same position with US Bank (formally First Bank System/First Trust), where he later became a portfolio manager. Mr. Johnson then became senior investment analyst and portfolio manager with First American Asset Management in Minneapolis. Prior to joining Mairs and Power, he was a senior investment manager with Wells Fargo Wealth Management Group. Mr. Johnson earned a BA from the University of Minnesota, Minneapolis and an MBA from the University of Minnesota, Carlson School of Management. He is a CFA charterholder as well as a Chartered Investment Counselor.

As of December 31, 2014, Mairs & Power Inc., managed $3.3 billion in individually managed accounts and $5.1 billion across its family of three mutual funds.

About Mairs & Power

Established in 1931, Mairs and Power is an independent, employee owned investment advisory firm with a commitment to pursuing long-term growth. The firm's mutual funds and individually managed accounts are built on the strength and success of carefully selected, quality growth stocks. One of the cornerstones of the firm's equity approach is a regional strategy with a heavy representation in stocks of companies headquartered in the Upper Midwest. For more information, please visit our website www.mairsandpower.com.

SOURCE Mairs and Power