LoCorr Funds independent trustee Gary Jarrett abruptly resigned Jan. 26, after six years on the board of the $4.5bn fund complex.
His departure followed a Jan. 20 shareholder meeting during which shareholders elected three first-time trustees as well as all five incumbent trustees, including Jarrett, according to a Jan. 31 proxy filing.
The filing did not give a reason for the departure of Jarrett, who had just stood for election at the funds’ first shareholder meeting since he joined the board in May 2016.
“Following the shareholder meeting, Mr. Jarrett indicated his intention was not to continue on the board in the long-term,” LoCorr Fund Management CFO and interested trustee Jon Essen told Fund Directions via email. “With the addition of three new independent trustees during this meeting, he decided now was a good time for him to resign from the board.”
Prior to joining the board, Jarrett, 68, had been CEO of Black River Asset Management LLC, the investment arm of agribusiness corporation Cargill, from 2002 to 2015.
When asked if the board would seek to replace Jarrett, Essen wrote, “With the addition of three new independent trustees at the January 20 shareholder meeting, we are confident the board is well-equipped to provide exceptional support to LoCorr.”
Following Jarrett’s departure, the LoCorr board’s independent trustees will include veterans Mark Thompson, 63, and Ronald Tschetter, 81, and newly elected independent trustees Dan O’Lear, 61; Jeff Place, 69; and Catie Tobin, 64.
The interested trustees are Essen and Kevin Kinzie, founder and CEO of the LoCorr Fund Management. Kinzie is also chair of the board.
Brian Hull is the funds’ CCO.
The board, which oversees five mutual funds, has an audit committee, but no other standing committees.
Annual compensation for each independent trustee was $60,000 prior to Nov. 21, 2022, but compensation will rise to $80,000 for the current fiscal year.
The funds’ adviser is LoCorr Fund Management, based in Excelsior, Minn.