Oak Value Capital Management has named David R. Carr Jr. as its new chairman and chief investment officer. It also promoted Larry D. Coates as its new president and CEO and made him a co-manager of its flagship Oak Value Fund. Coates had been a senior vice president at the firm.

The shifts were made in response to the recent death of George Brumley III who was killed in an accident last week. Brumley had held both the chairman and CEO titles now split between Carr and Coates.

Also taking new duties is Matthew F. Sauer. The director of research will join Coates and Carr as a co-portfolio manager of the Oak Value Fund.  

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