The Adams Express Co. (NYSE: ADX) and Petroleum & Resources Corp. (NYSE: PEO) named Mark E. Stoeckle as CEO for the funds
Stoeckle succeeds long-time CEO Douglas G. Ober, who plans to retire this year.
According to the release, Stoeckle has a 30-year career in financial services and asset management, and brings a investment and business experience to the role. He comes to the funds from the global investment management firm BNP Paribas Investment Partners where he has served since 2004 as chief investment officer of US equities and global sector funds. He also has served in portfolio management roles for Liberty Financial Corp. and MFS Institutional Advisors. Earlier in his career, he was a senior vice president in the investment banking group at Bear, Stearns & Co.
Stoeckle will relocate to Baltimore from Boston and assume duties as CEO on Feb. 11. He will also be joining the funds' boards of directors.
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.
The Adams Express Co. is a diversified equity fund based in Baltimore. Petroleum & Resources Corp., also based in Baltimore, is an equity investment fund for investors who seek a broadly diversified exposure to the energy and natural resources sector in a conservatively-managed fund.
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