Chairman Robert Levy to Retire from Harris Associates L.P. at Year-End

CHICAGO, May 2, 2016 /PRNewswire/ -- After more than 30 years of distinguished service, Robert Levy, CFA will retire at year-end.  As part of the transition, Bob will step down as Chairman of Harris Associates, effective June 30, 2016 and current Harris co-CEOs Kevin Grant and Tony Coniaris will be elevated to co-Chairmen. David Herro will continue as Deputy Chairman, and Kristi Rowsell will continue as President. Tony and Kevin, who have been with Harris 17 years and 28 years respectively, have been co-CEOs of Harris Associates since January 2015.

Bob will continue in his role as U.S. Equity Chief Investment Officer and Portfolio Manager for U.S. Equity, U.S. Concentrated, Private Client as well as Global Equity and Global Concentrated strategies through year-end. Beginning January 1, 2017, Bill Nygren will become U.S. Equity CIO, and Bob's portfolio management responsibilities will be assumed primarily by Tony and the U.S. equity strategy team.

"Bob's extraordinary leadership of Harris Associates over the last 25 years is unparalleled.  Our reputation as one of the world's pre-eminent investment management organizations is due to Bob's thoughtful stewardship and relentless pursuit of excellence in all aspects of our business," said Kevin Grant.  "We would like to thank Bob for his countless contributions to the firm, and we look forward to building on this success in the years ahead," added Tony Coniaris.

About The Oakmark Funds

The Oakmark Funds are a family of seven value-oriented mutual funds that invest in equity and fixed income markets around the world. All of the Funds adhere to a long-term philosophy that focuses on capital preservation and risk management. The Funds are advised by Harris Associates, based in Chicago. The Oakmark Funds had $71 billion in assets under management as of March 31, 2016. More information about the Oakmark Funds is available at www.oakmark.com.

About Harris Associates

Harris Associates, a Chicago-based investment management firm founded in 1976, manages U.S., international and global portfolios for institutional and high-net-worth investors worldwide and serves as the adviser to the Oakmark Funds. Including Oakmark, assets under management at Harris Associates totaled approximately $114 billion as of March 31, 2016. More information about Harris Associates is available at www.harrisassoc.com.

SOURCE Harris Associates

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