Mark Henneman since 2017 has been both the chief executive of Mairs & Power and co-manager of the firm's signature Growth Fund.
The fund will now be run by lead manager and Chief Investment Officer Andrew Adams and co-manager Pete Johnson. Henneman, Johnson and Adams have been managing the fund since Johnson was promoted to co-manager in April 2019.
Henneman, who will concentrate on his executive duties, will still sit on the 90-year-old firm's investment committee.
Adams credited Henneman with a smooth transition.
"Even with all of his other duties at Mairs & Power, he has maintained an active role in the Growth Fund and assisted in Pete Johnson's transition to co-manager," Adams said in a statement. "I'm very glad Mark will be still available for consultation and sharing ideas as a member of our investment committee."
The Growth Fund, which was started in 1958, has $4.4 billion in assets under management.
In other moves at the firm, Christopher Strom has been named a co-manager of the Mairs & Power Small Cap Fund, joining Adams and lead manager Allen Steinkopf in managing a fund with $298 million in assets that was started in 2011.
Strom, who joined Mairs & Power in 2017 as an equity research analyst, has been working closely with the Small Cap management team for over a year.
