Angelo Gordon Chief Executive to Step Down, Succeeded by Co-CIOs

Angelo Gordon & Co. co-founder Michael Gordon plans to step down as chief executive officer on Jan. 1, handing the reins to co-chief investment officers Adam Schwartz and Josh Baumgarten.

Gordon, 76, founded the investment firm in 1988 with John Angelo. He’ll also resign his co-CIO role at the start of next year, according to an investor letter seen by Bloomberg. He’ll become non-executive chairman for a new company advisory board that will help guide Schwartz and Baumgarten on strategy.

“Josh and Adam’s appointment as co-CEOs formalizes the expansion of their leadership responsibilities over the last four years,” ...