Goldman and Pixar Alums Will Help Oversee Dodge and Cox
Reported by Neil Anderson, Managing Editor
Dodge & Cox [see profile] is shuffling its mutual
funds' board of trustees, adding two new faces and switching some roles.
Yesterday, the San Francisco-based mutual fund firm revealed that ex-Goldman
Sachs partner Robert Morris joined the board on February 11 and that
former Pixar chief financial officer Ann Mather will join the board on
May 1. Both Mather (50 years old) and Morris (58) take independent trustee
spots, alongside five others, because some of the independent trustees (notably
71-year-old Will Wood and 70-year old William Ausfahl) will soon hit the
mandatory retirement age, 72.
Meanwhile, Ken Olivier will take chair spot on the funds' board on May 1,
succeeding John Gunn (though Gunn will remain as a trustee). Olivier
already serves as president of the board and president and CEO of the fund firm
itself.
Company Press Release
SAN FRANCISCO, March 17, 2011 -- Dodge & Cox announced today the appointment of
two new Independent Trustees to the Dodge & Cox Funds Board of Trustees. Robert
B. Morris III became a Trustee on February 11, 2011, and Ann Mather will become
a Trustee effective May 1, 2011.
Mr. Morris (58) and Ms. Mather (50) join five existing Independent Trustees of
the Dodge & Cox Funds Board, in anticipation of several of those Independent
Trustees reaching the mandatory retirement age of 72 within the next few years.
Those five incumbent Independent Trustees are Will C. Wood (71), Trustee since
1992; William F. Ausfahl (70), Trustee since 2002; L. Dale Crandall (69),
Trustee since 1999; John B. Taylor (64), Trustee since 2005; and Thomas A.
Larsen (61), Trustee since 2002.
In addition to the appointment of Mr. Morris and Ms. Mather as Independent
Trustees, certain positions within the Funds Board will be changing on May 1,
2011. Kenneth E. Olivier (58), Trustee of Dodge & Cox Funds since 2005 and
current President of the Funds Board and President and CEO of Dodge & Cox, will
assume the additional role of Chairman of the Funds Board. John A. Gunn (67),
Trustee of the Dodge & Cox Funds since 1985, will remain on the Board but will
no longer be Chairman. Dana M. Emery (49) will continue as an executive Trustee.
With the appointment of Ms. Mather and Mr. Morris, the Board will consist of ten
Trustees (seven independent and three executive Trustees).
The Board of Trustees for Dodge & Cox Funds oversees all Funds in the Dodge &
Cox Funds complex and serves for an indefinite term. The five Funds currently
under oversight are the Dodge & Cox Stock Fund, Dodge & Cox Global Stock Fund,
Dodge & Cox International Stock Fund, Dodge & Cox Income Fund, and Dodge & Cox
Balanced Fund.
The Dodge & Cox Funds share many traits, including a team decision-making
process involving bottom-up fundamental analysis of each investment; low expense
ratios; and a three- to five-year investment horizon, which has historically
resulted in low turnover relative to peers. As one of the largest privately
owned investment managers in the world, Dodge & Cox seeks to provide high
quality investment management services to existing clients and shareholders. The
role of the Independent Trustee supports this goal for Fund shareholders.
L. Dale Crandall, Lead Independent Trustee of the Dodge & Cox Funds, commented
on the appointment of the new Independent Trustees, "We are pleased to welcome
Robert Morris and Ann Mather to the Board of the Dodge & Cox Funds and look
forward to their counsel on behalf of the Funds and their shareholders."
Robert B. Morris III is a private investor with over 25 years of experience in
the securities industry and is a CFA® charterholder. His prior experience
includes working as a Partner and Managing Director of Global Research at
Goldman Sachs & Co. from 1988 until his retirement from the firm in 2001. Prior
to joining Goldman Sachs, Mr. Morris was a telecommunication services analyst at
Prudential-Bache Securities, a general partner and telecommunication services
analyst at Montgomery Securities, and a securities analyst at Wells Fargo
Investment Advisers.
Ann Mather was formerly Executive Vice President, Chief Financial Officer, and
Company Secretary of Pixar Studios where she was responsible for finance,
administration, business affairs, investor relations, and human resources. She
previously served in a variety of executive positions at the Walt Disney
Company. Ms. Mather currently serves on a number of public boards, including
Google and Netflix.
Founded in 1930, Dodge & Cox is one of the largest privately owned investment
advisors in the world, providing investment management services for individual
and institutional investors in mutual funds and private accounts. As of February
28, 2011, Dodge & Cox had over $199 billion in assets under management.
Before investing in any Dodge & Cox Fund, you should carefully consider the
Fund's investment objectives, risks, and management fees and other expenses. To
obtain a Fund's prospectus and summary prospectus, which contain this and other
important information, visit www.dodgeandcox.com or call 800-621-3979. Please
read the prospectus and summary prospectus carefully before investing.
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