OppenheimerFunds has appointed Arthur Steinmetz as chief executive, replacing William Glavin who will remain chairman of OppenheimerFunds.

OppenheimerFunds has named Arthur Steinmetz as chief
executive, replacing William Glavin who will remain chairman of
OppenheimerFunds, alongside other leadership changes. 

In his new role, effective July 1, 2014, Steinmetz will
assume direct management of investments, distribution and marketing.

Meanwhile, chief investment officer Krishna Memani will replace
Steinmetz as CIO of OppenheimerFunds. Memani’s fixed income investment team will continue reporting
to him. 

Director of national sales John McDonough will be promoted
to the role of head of distribution, effective January 1, 2014, replacing Philipp Hensler, who the firm said will pursue another
executive position at a global financial services organization.

Memani, McDonough and chief marketing officer Martha Willis
will report directly to Steinmetz. 

Chief investment officer of equities, George Evans, and CIO of asset allocation, Mark Hamilton, and their respective investment teams, will also report to Memani.