From Alexandra Semenova's' "Ark Invest's Cathie Wood gives up portfolio manager role at two of the firm's ETFs" ($) posted Thursday in the Financial Times:
ARK Invest founder and CEO Cathie Wood relinquished her role as portfolio manager at two of the investment management firm’s exchange-traded funds, according to a regulatory filing.
William Scherer, who has served as a trading manager at ARK since 2014, has been appointed to handle investments in place of Wood for the company’s two index funds, ARK 3D Printing ETF (PRNT) and ARK Israel Innovative Technology ETF (IZRL) beginning September.
Wood’s handover of the roles to Scherer follows a series of high-level management shifts at ARK Invest — moves that could suggest early stages of a succession plan for ARK...
The ARK 3D Printing ETF is down nearly 41% so far in 2022, and the ARK Israel Innovative Technology ETF is down nearly 38% year to date. The losses pale in comparison to ARK’s flagship Ark Innovation ETF (ARKK), which is down nearly 60% in 2022.
Just for fun, here's Wood last year throwing shade at Apple's project Titan based on its "management turnover":
My take: Too bad ARKK is down nearly 60% for the year. Maybe she should have bought Apple.