Bridget A. Macaskill, president and COO of First Eagle Investment Management, was also named CEO.

She replaces John Arnhold, who will remain chairman and will become chief investment officer, a new position. The move will allow Mr. Arnold to focus on his “real passion” of investing, Ms. Macaskill said.

Ms. Macaskill will now oversee the day-to-day responsibilities at First Eagle.

In a recent interview, Ms. Macaskill — who retired in 2001 as CEO of OppenheimerFunds — said a consulting project for First Eagle in late 2008 left her captivated by the firm’s “intensely focused” investment culture, convincing her to return to the industry full time.

At the end of December, First Eagle had roughly $39 billion in client assets — 80% retail and 20% institutional.

This story first appeared in Pensions & Investments, a sister publication of InvestmentNews.