Advent Software's CEO DiMarco To Depart In June, Names Successor

Advent Software announced that Stephanie DiMarco, founder and CEO of the global investment management software and services company, is stepping down at the end of June. The board of directors has appointed Advent’s current President Peter Hess to succeed DiMarco as CEO as of June 30, 2012.

DiMarco — who founded the San Francisco-based company nearly thirty years ago as the first portfolio accounting system built for the PC — "has revolutionized the investment management industry … and she has never stopped pushing for innovative solutions to the industry’s most mission critical challenges," according to Hess, who is quoted in the release.

DiMarco will continue to serve as a director on Advent’s Board and will transition to an advisory role for the company’s senior management. The company serves over 4,5000 firms in more 60 countries.

[For more on the legacy Stephanie DiMarco leaves behind, see related article.]

Commenting on DiMarco’s track record and leadership, Advent’s Chairman John H. Scully said, "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."

In explaining why Advent has appointed Hess as the next CEO of Advent, Scully stated, “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.”

As president Hess, is currently responsible for worldwide marketing, sales, services and support for the company, including its asset management, global accounts and Black Diamond groups, and well as the company’s international operations. Prior to his appointment as president, Hess served as EVP and general manager of Advent’s largest business group, where he headed strategy, product marketing, sales, services and support for Advent Asset Management Solutions. He was also responsible for Advent’s growing international operations. Hess who has been with Advent since1994, has held a variety of positions in the company. He earned an undergraduate degree from Princeton University.

Commenting on the succession plan in the release, DiMarco said, “It was under Hess’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.”

DiMarco noted that Advent has never been stronger than today and that based on preliminary results, expects strong fourth quarter 2011 bookings growth over the fourth quarter of 2010. “I have every confidence that, with Pete’s leadership, the future is bright for Advent.” Final results for the fourth quarter and full year 2011 will be released on Feb. 6, 2012, stated Hess in the release.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio