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Advent announces CEO succession plan

Advent Software’s Board of Directors has appointed Advent’s President Peter Hess (pictured) to the position of Chief Executive Officer (CEO) and President, effective 30 June, 2012. He will succeed Stephanie DiMarco, Advent’s founder and CEO, who is stepping down as CEO at the end of June 2012, but will continue to serve as a Director on Advent’s Board and will be transitioning to an advisory role for the company’s senior management.

Advent’s Chairman John H Scully says: "Stephanie DiMarco’s legacy at Advent and contributions to the investment management industry are extraordinary. Under Stephanie’s leadership, Advent has evolved from a one-product company to a global industry leader with a powerful and predictable business model. The Board would like to express its deep appreciation to Stephanie for her visionary leadership and singular contributions to Advent. We are grateful that she will continue to share her insight and expertise as a Director, significant shareholder and advisor to the company.

"The Board is delighted to appoint Pete Hess as the next CEO of Advent," says Scully. "Pete has played an instrumental role in Advent’s success, leading several of Advent’s largest business groups prior to his very successful tenure as President of the company since December 2008. Advent’s Board has tremendous confidence in Pete and believes that he is the right leader for the company in its next era of growth."

DiMarco says: "In Pete Hess, we have an outstanding leader for Advent’s future. He has a proven track record of building exceptional teams, executing successful strategies, and delivering innovative solutions that our clients can count on. It was under Pete’s leadership that Advent’s Geneva platform became the gold standard of the alternative investment industry, and, more recently, it was Pete’s vision that led to the acquisition of Black Diamond and the reestablishment of Advent as the partner of choice in the advisory market.

"Together, we have accomplished a tremendous amount over the years, thanks to the hard work and dedication of everyone at Advent. The company has never been stronger than we are today — and based on preliminary results, we expect strong fourth quarter 2011 bookings growth over the fourth quarter of 2010*," continued Ms. DiMarco. "It truly has been a privilege to build and grow this great company, and it will be a pleasure to continue to serve on the Board and participate in Advent’s ongoing success — I have every confidence that, with Pete’s leadership, the future is bright for Advent."

Hess says: "Stephanie DiMarco revolutionised the investment management business almost thirty years ago when she launched Advent with the first portfolio accounting system built for the PC, and she has never stopped pushing for innovative solutions to the industry’s most mission-critical challenges. Today, thanks to Stephanie, Advent is home to incredibly talented people and a creative and high-performance culture, and it’s this combination that led Advent to become the global industry leader, serving over 4,500 firms around the world. It is a great honor to be a part of this team, and I look forward to working closely with Stephanie, the Board, the rest of the senior management team and our colleagues around the world to continue delivering innovative solutions that add value for our clients, our employees, our shareholders, and our communities."

As President of Advent Software, Hess is currently responsible for worldwide marketing, sales, services and support for the company, including its Asset Management, Global Accounts, and Black Diamond groups, as well as the company’s international operations. Prior to his appointment to President, Hess served as Executive Vice President and General Manager of Advent’s largest business group, where he headed strategy, product marketing, sales, services and support for Advent’s asset management solutions and led the group to record revenues. Hess was also responsible for Advent’s growing international operations. Hess has been with Advent since 1994, and has held a variety of positions in the company, including Executive Vice President and General Manager of the Global Accounts business group, and, previously, Vice President of Sales and Vice President of Marketing. Hess earned his undergraduate degree from Princeton University.


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