Waddell & Reed Financial, Inc. announced that Thomas W. Butch has stepped down as Executive Vice President and Chief Marketing Officer of the company. In conjunction with this transition, the company announced several changes to its executive team that are expected to broaden and provide greater support to the growth, productivity and profitability initiatives outlined earlier this year. Brent K. Bloss, who has served as Chief Financial Officer of the company since March 2014, will be promoted to the role of Chief Operating Officer effective immediately.

Bloss, who joined the company in January 2002 in the finance division, will continue to serve as CFO through the filing of the company's annual report on Form 10-K for the year ended December 31, 2017. In his new role, Bloss will be responsible for the day-to-day management of the company's operations and the delivery of strategic initiatives. The board intends to appoint Benjamin R. Clouse, who joined the company in October 2015 and has served as the company's Chief Accounting Officer since February 2017, as CFO to succeed Bloss in 2018.

Clouse is a CPA with 21 years of finance and accounting experience, formerly serving as CFO of Executive AirShare Corporation and in various leadership positions on the finance team at H&R Block, Inc.