FactSet Stock Drops on News of CEO’s Retirement Plan

Shares of FactSet Research Systems (FDS) fell Tuesday after the financial data provider announced CEO Phil Snow will be retiring in a few months.

Snow will step down after 30 years at FactSet—including a decade as CEO—in early September, when he will be replaced by JPMorgan Chase (JPM) executive Sanoke Viswanathan, the company said. Snow, who will remain an advisor through the end of the year, could give more details about the transition when the company reports fiscal third-quarter results on June 23.

“Under (Snow’s) leadership over the last decade, FactSet has more than doubled its revenue and delivered annualized double-digit EPS growth and total shareholder return,” board chair Robin Abrams said. “Phil has successfully positioned FactSet for its next era, and we wish him well in his retirement.”

With today’s 5.5% declines, FactSet shares have lost roughly 10% over their value since the start of the year.

FactSet Announcement Could Impact World’s Largest Bank

Tuesday’s announcement could also affect succession planning at the world’s largest bank by market cap, as Viswanathan is leaving his role as CEO of International Consumer and Wealth at JPMorgan and as a member of its Operating Committee to take the top job at FactSet.

Bloomberg reported Tuesday that Viswanathan had been seen as one of several potential successors within the bank to CEO Jamie Dimon, and that JPMorgan’s consumer and community banking unit head, Marianne Lake, is being given more responsibilities following Viswanathan’s departure.