Skip to main content

Sean Driscoll, who took over in 2013 and is also founder John Driscoll’s son, is no longer running the firm. Former president and chief operating officer Phil Yuzpe is now in charge.Mark Blinch/The Globe and Mail

Money manager Sentry Investments Inc. has appointed a new chief executive, extending its string of senior leadership changes that date back 18 months.

Sean Driscoll, who took over in 2013 and is also founder John Driscoll's son, is no longer running the firm. Former president and chief operating officer Phil Yuzpe is now in charge.

Sentry's website was recently updated with Mr. Yuzpe's new title, and Sean Driscoll's bio was removed, but an announcement had not been provided until the firm was contacted by The Globe and Mail. According to the statement, Mr. Driscoll is leaving to "focus more on his role as president of his family holding company and its diverse business interests." The family holding company controls Sentry.

Mr. Driscoll was first named co-chief executive officer in 2013, a role he shared with Sandy McIntyre for a few months. At the same time, Mr. Yuzpe was named president and chief operating officer and Dennis Mitchell was appointed chief investment officer.

During Mr. Driscoll's tenure, Sentry's assets under management doubled to $18-billion, but during the last year and a half there were prominent changes at the firm's highest ranks.

Most notably, Mr. Mitchell suddenly departed in the summer of 2015, catching Bay Street by surprise. Mr. Mitchell is a well-known figure in asset management circles, and in some ways, was the face of Sentry on television.

Almost nothing was said publicly about the abrupt departure. In an interview with The Globe, then-president Mr. Yuzpe wouldn't say much "out of respect for Dennis," but added that "unequivocally, the decision had nothing to do with the management of the funds and we have no concerns over the future management of the funds." Mr. Mitchell is now a senior vice-president at Sprott Asset Management.

Because he left so quickly, Sentry was left with a hole to fill, and Mr. McIntyre, the former CEO, assumed his old role as CIO. He stayed in that position until August, 2016, when Sentry hired Gaelen Morphet as CIO from Empire Life Investments.

A few months later, in December, 2015, Sentry's chief compliance officer Jasmin Jabri left the asset manager. She did not return a request for comment.

Mr. Driscoll's sudden departure extends the changes. Asked about his departure, new CEO Mr. Yuzpe said his promotion was long in the works. "This was always the plan, in terms of Sean's role. Sean had always planned his next evolution was to step up to the family business," he said. "There are no hidden things here."

Mr. Yuzpe's promotion was effective Jan. 3. Sentry founder John Driscoll remains chairman of the asset manager.

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe