"The elevation of Pete to President marks a natural evolution in Adventâs growth,â said Stephanie DiMarco, Founder, CEO and Chief Financial Officer (CFO) of Advent. âThe Company has nearly doubled in size over the past five years, growing in both scale and complexity, and with this success comes increased organizational demands. Iâm very proud that we have the depth of experience and talent within the Company to support and augment this growth as we continue to build Adventâs future.â
In his new role of President, Mr. Hess is responsible for the worldwide marketing, sales and services for the Companyâs Investment Management, Global Accounts, Straight-Through-Processing (STP), Tamale Research Management groups as well as the Companyâs international operations. He will continue to report to Ms. DiMarco.
Mr. Hess has been with Advent since 1994. He has held a variety of positions at the Company, including, most recently, Executive Vice President and General Manager of Adventâs Investment Management Group, which generates more than half of the Companyâs revenue. Prior to that, Mr. Hess was Executive Vice President and General Manager of the Global Accounts group, which established Adventâs GenevaÂ® platform as the industry-leading solution for the alternative asset industry.
âI am thrilled and honored to have the opportunity to help lead Advent in this new capacity,â said Mr. Hess. âAs our industry evolves, Advent's continued success is tied to our ability to consistently deliver mission-critical solutions that address our clientsâ needs and unique business challenges. I look forward to working closely with Stephanie as well as our clients, partners and employees as we build on Adventâs continued momentum.â
âPete has been an integral part of Advent for the last 14 years, handling a wide range of increasing responsibilities including sales, strategy, product marketing, services and support of Adventâs solutions,â continued Ms. DiMarco. âHe brings an in-depth understanding of Adventâs customers and our industry to this position, and I am confident that he will help me continue taking Adventâs operational performance to the next level and deliver even greater value to our customers."
Ms. DiMarco will continue to serve as Adventâs CEO, setting the strategic vision and direction for the Company as well as managing the general and administrative side of the business. Additionally, she will continue to hold the position of CFO, a role she had temporarily filled since earlier this year, thus ending the search for an external CFO candidate. James Cox will continue in the role he assumed in July 2008 as Vice President and Adventâs Principal Accounting Officer, working with Ms. DiMarco to manage the Companyâs Finance function. Additionally, he will join the Companyâs executive management team.
âWe have a phenomenal internal Finance team, and I have decided to work on building the capabilities of the existing team as opposed to bringing in a CFO from the outside,â added Ms. DiMarco. âJim Cox, in particular, has done a fantastic job as Adventâs Principal Accounting Officer since assuming the role earlier this year, and he will be a welcome addition to our executive team.â
Ms. DiMarco concluded, âAdvent has always been a company focused on the future, whether itâs anticipating our customersâ needs, understanding the evolving dynamics of our industry, or creating a company that is built to last. The organizational changes weâre announcing today are further evidence of our commitment to ensuring Adventâs success, both today and well into the future.â