By Connor Hart
Cannae Holdings appointed Ryan Caswell as its chief executive and Doug Ammerman as chairman of its board.
Both Caswell and Ammerman succeed William Foley, who is stepping down from both roles and transitioning to the role of vice chairman of the board.
The investment firm on Monday said the move will allow the company to continue to leverage Foley's acumen. In his new role, Foley will focus on Cannae's sports and entertainment and spirits businesses, as well as strategic investments, mergers and acquisitions.
Cannae additionally named Bill Royan and Woody Tyler to its board, effective June 1.
The executive changes came as Cannae said it would acquire an additional 30% stake in Jana Partners for $67.5 million, bringing its total ownership of the investment firm to 50%. Cannae said the acquisition represents its strategy to rebalance its portfolio away from current public company investments.
The transaction, which has the potential for further payments totalling $26 million, contingent upon what the company called certain future period assets under management thresholds, is expected to close in the third quarter.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
May 12, 2025 17:06 ET (21:06 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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