SOURCE: Fiduciary Trust Company International

Fiduciary Trust Company International

January 06, 2016 10:00 ET

Fiduciary Trust Company International Names Gail Cohen as Chair, Lawrence Sternkopf as President

NEW YORK, NY--(Marketwired - Jan 6, 2016) -  Fiduciary Trust Company International (Fiduciary Trust), a leading wealth management firm and wholly-owned subsidiary of Franklin Resources, Inc., today announced the following organizational changes effective January 4, 2016, following the departure of Henry P. Johnson, president and CEO:

  • Gail E. Cohen, age 59, will assume the role of chair of Fiduciary Trust's Board of Directors from James C. Goodfellow. As general trust counsel, Cohen will continue to oversee trust and estate services, as well as client relationship functions.
  • Lawrence A. Sternkopf, CPA, age 46, will become president and chief operating officer of Fiduciary Trust. Sternkopf will continue to oversee operations and technology, as well as custody, tax services, treasury and finance functions, and will assume additional responsibilities for compliance and human resources.
  • William Y. Yun, CFA1, age 56, former president of Fiduciary Trust and current board member, will serve as interim CEO. He will also continue his current responsibilities leading Franklin Templeton's specialized and alternative investment groups. An external search for a new CEO is currently underway.
  • James C. Goodfellow, age 70, will remain on Fiduciary Trust's board and transition his chairman responsibilities to Cohen.

"Both Gail and Larry bring a tremendous amount of experience and leadership acumen to their new positions," said Jenny Johnson, co-president of Franklin Templeton Investments. "In their combined four decades at the firm, they have worked in many parts of the business and have demonstrated their deep understanding of our clients' needs and their commitment to Fiduciary Trust's highly personalized, relationship-centric approach to wealth management."

Cohen, Sternkopf and Yun will be supported by a long-tenured team of senior leaders, all of whom have more than two decades of experience in the industry. The senior management team includes Ronald Sanchez, chief investment officer; Carin Leong Pai, director, Equity Management; Wayne Sprague, director, Strategic Advisory Services; Warwick Carter, national head, Trusts and Estates; and Elizabeth Hughes, chief compliance officer.

James C. Goodfellow noted: "Fiduciary Trust enters the New Year after reaching record levels of wealth management assets in 2015, a testament to the caliber of leadership across the firm. Gail and Larry, along with the rest of our management team, have proven themselves across a variety of financial, operational and client service roles, and we are confident that their fresh strategic vision will translate into continued growth for Fiduciary Trust and our clients."

Jenny Johnson added: "We thank Henry Johnson for his service and wish him the best in his future endeavors."

Gail E. Cohen, Chair

Cohen, chair of Fiduciary Trust's Board of Directors and general trust counsel, joined Fiduciary Trust in 1994 and has over 30 years of experience in trusts and estates. She is a member of the Fiduciary Trust's Management Committee and Operating Committee, and is also chair of Fiduciary Trust International of the South. She is a former chair of the New York Bankers Association, and the first woman to hold that title. In 2010 and 2011, she was named one of the "Top 50 Women in Wealth" by AdvisorOne. Cohen is a frequent writer and lecturer for attorney groups, including University of Miami's Heckerling Institute (2014), Practicing Law Institute, American and New York State bar associations, and Society of Trust and Estate Practitioners. She has served as an adjunct professor of law at Brooklyn Law School. Before joining Fiduciary Trust, Cohen was a trusts and estates associate at the law firm of Debevoise & Plimpton. Previously, she was an associate at the law offices of Edward S. Schlesinger, P.C.

Lawrence A. Sternkopf, President

Sternkopf, president and chief operating officer, joined Fiduciary Trust in 1997 and has 25 years of experience in wealth management. Sternkopf serves on the Management Committee, Risk Management Committee and Operating Committee. Prior to his current position, Sternkopf held various leadership positions in finance and administration at Fiduciary Trust. Prior to joining Fiduciary Trust, Sternkopf was employed by Ernst & Young, specializing in the wealth management and private banking industries. He is a certified public accountant and is a member of the American Institute of Certified Public Accountants.

William Y. Yun, Interim CEO

Yun is interim CEO and former president of Fiduciary Trust and a member of Fiduciary's Board of Directors. He is executive vice president of Alternative Investment Strategies for Franklin Templeton and serves on the Investment Management Committee and Risk Management Committee of Franklin Resources, Inc. He joined Fiduciary Trust in 1992 and served as a portfolio manager for eight years prior to becoming executive vice president overseeing Fiduciary Trust's global equity division. He served as president of Fiduciary Trust from 2000 to 2005. Prior to joining Fiduciary Trust, Yun worked in both asset management and investment banking at Blyth Eastman Paine Webber, First Boston, and CB Commercial Holdings.

About Fiduciary Trust

Fiduciary Trust Company International, a global investment management firm, has served individuals, families, endowments and foundations since 1931. With over $45 billion in assets under administration and management as of September 30, 2015, the firm specializes in strategic wealth planning, investment management and trust and estate services, as well as tax and custody services. The firm and its subsidiaries maintain offices in New York, Coral Gables, FL, Boca Raton, FL, St. Petersburg, FL, Los Angeles, CA, San Mateo, CA, Washington, D.C., Wilmington, DE and London. For more information please visit fiduciarytrust.com.

About Franklin Resources

Franklin Resources, Inc. (NYSE: BEN) is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 150 countries. Through specialized teams, the company has expertise across all asset classes -- including equity, fixed income, alternative and custom solutions. The company's more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in 35 countries, the California-based company has more than 65 years of investment experience and approximately $790 billion in assets under management as of November 30, 2015. For more information, please visit franklintempleton.com.

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