John Calamos

John P. Calamos, Sr. (born 1940) is a Greek–American businessman, mutual fund manager and a self-made billionaire with an estimated net worth of 2.7 billion dollars according to Forbes.[1] He founded Calamos Asset Management in 1977, and won BusinessWeek's best manager for 2003 and 2004 [citation needed]. He is also a veteran of the Vietnam War, in which he served as a fighter pilot in the Air Force. Calamos received a bachelor's degree in business and economics from Illinois Institute of Technology in 1963 and an M.B.A. in 1970, and currently serves on the IIT Board of Trustees.

Calamos Asset Management

Calamos made his fortune by founding and taking public Naperville, IL based Calamos Asset Management, a mutual-fund company that as of 2007 oversaw nearly $43 billion in assets.[2] By September 2016 assets under management at the firm had declined to 20.2 billion, while the firms stock price had declined to about half of what it was in 2014.[3]

In March 2016 Calamos relinquished the CEO title after struggling for two years to reverse a decline in the company's business and stock price.[4]

Controversy

Calamos was criticized by activist investors who pushed for greater accountability and higher returns as well as concerns over instances of apparent self-dealing.[2]

In September 2016 it was reported that a former Calamos Investment manager had filed a whistleblower lawsuit against the firm and Calamos personally after sending an email to Calamos and three other executives expressing concerns about "shrinking assets, poor financial results, a high cost structure, conflicts of interest and personnel moves, abilities and turnover."[3]

References

  1. ↑ "John Calamos, The World's Richest People - Forbes.com". www.forbes.com. Retrieved 2017-01-19.
  2. 1 2 "The Billionaire Next Door". Chicago magazine. Retrieved 2017-01-19.
  3. 1 2 Yerak, Becky. "Calamos investment firm hit with whistleblower suit". chicagotribune.com. Retrieved 2017-01-19.
  4. ↑ "Calamos Investments patriarch gives up CEO title". Crain's Chicago Business. Retrieved 2017-01-19.


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