|Man Group CEO, Peter Clarke, is stepping down following a tumultuous four years at the helm in which the hedge fund has fallen 87%. According to the Guardian, Peter Clark, who earned $7 million last year, will collect nearly $1 million in salary and benefits, along with a pension as he heads out the door. |
Mr. Clarke also has large blocks of options, which could have potentially generated millions in profits, but because Man Group’s stock has fallen so drastically, they are now virtually worthless. He may have helped his own cause, however, because the share price rose by 5 percent following the announcement of his departure. Emmanuel "Manny" Roman, a founder of the GLG hedge fund, which Man purchased a couple of years ago, is slated to step in for Peter Clarke.
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