Bessemer Trust announces leadership transitions as CEO Marc Stern and President George Wilcox plan their retirements, signaling a pivotal shift for the multifamily office managing nearly $200 billion in assets for ultra-wealthy clients.
Stern, who has led the firm as CEO for over a decade during his 21-year tenure, will step down in early 2026. Wilcox, with 26 years of service and a strong track record in client retention and growth, will retire in March 2025. Stepping into these key roles are Holly MacDonald, currently chief investment officer, as the new CEO, and Michael Marquez, chief client officer and chief operating officer, as the next president.
“Our senior team thrives on collaboration,” Stern stated. “I’m proud of what we’ve accomplished together, and I’m eager to see Holly, Michael, and the team take Bessemer to even greater heights.”
Marquez, who has been with Bessemer for 15 years in roles such as region head and COO, will assume his role as president in April. His leadership will coincide with MacDonald’s interim appointment as chief operating officer, where she will oversee technology, operations, and family office management while continuing to lead the investment team. MacDonald, who joined the firm in 2015 from JPMorgan Chase, will take full reins as CEO after Wilcox’s departure.
As MacDonald steps into the CEO position, she will helm the 118-year-old firm with its 1,200 employees, focusing on delivering comprehensive wealth management, investment strategies, and family office services. “As a privately owned firm focused solely on high-net-worth families, Bessemer is uniquely positioned to take a long-term perspective in all we do,” MacDonald stated.
Further reinforcing the leadership structure, Jeff Mills, chief investment strategist, will take on the role of chief investment officer and report to MacDonald. Mills joined Bessemer in 2023 from Bryn Mawr Trust, where he served as CIO.
The leadership transition at Bessemer Trust underscores its commitment to continuity and the advancement of its strategic vision for the ultra-high-net-worth clientele it serves.
