Andrew Bischel replaces Kenneth Kaplan at helm of SKBA Capital Management. San Francisco-based value manager SKBA Capital Management has promoted Andrew Bischel to the position of CEO. He replaces Kenneth Kaplan, who stays on as chairman of SKBA's board of directors.

Bischel will continue as CIO, but the title of president, which he had held since 2000, now goes to the firm's research head Joshua Rothe.

Every confidence

"I have every confidence that our outstanding team will continue to achieve superior performance and take advantage of new growth opportunities under Andy's leadership," says Kaplan.

Bischel and Kaplan were among SKBA's founders in 1989. Before that they worked together at Merus Capital Management (part of Union Bank of California, since re-named), along with SKBA's head of trading Shelley Mann.

In 1999, SKBA became an affiliate of Convergent Capital Management (CMC), Chicago-based holding company for investment- and wealth-management firms. In 2003, CMC became a subsidiary of Los Angeles-based City National, a bank.

SKBA manages around $622 million -- mainly for pension funds, endowments, foundations, and high-net-worth investors. -FWR

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