Babson Capital Management announced a series of promotions today.
Thomas Finke, formerly president of the firm, will take the position of chairman and chief executive officer, effective Dec. 1. He will also become vice president and chief investment officer of the Massachusetts Mutual Life Insurance Co. (MassMutual), Babson Capital's parent company. Finke is taking over these roles from Roger Crandall, who was named MassMutual's president and chief operating officer as of Dec. 1. He will continue to report to Crandall.
Taking over for Finke is Clifford Noreen, vice chairman, who will become president in addition to his role as head of corporate securities. He will report to Finke as will Babson Capital's other investment business heads including Efrem Marder, quantitative management; Robert Little, Real Estate Finance Group; Ian Hazelton, Babson Capital Europe; and Russell Morrison and Marcus Sowell, U.S. bank loan team. James Masur, chief financial officer and chief operating officer at Babson will also continue to report to Finke.
Finke joined Babson Capital in June 2002 as part of the company's acquisition of First Union Institutional Debt, where he was co-founder and president. Noreen joined the firm in 1985 as a private placement analyst. In 1992, he was named head of the high yield team and in 2004, he became head of the public corporate credit group later managing teams for public equity and corporate credit-related investments, including public and private bonds, mezzanine and private equity investments, and structured credit products.