Rob Mairs Named CEO of Mairs & Power

Mark Henneman Remains Board of Directors Chairman

SAINT PAUL, Minn., Oct. 1, 2024 /PRNewswire/ -- Mairs & Power, Inc., an independent, employee-owned investment advisory firm, announces that Robert (Rob) W. Mairs has been named chief executive officer by the firm's Board of Directors. Mark L. Henneman, who will retire from the firm at the end of 2026, will remain as chairman of the board. The changes are effective October 1, 2024.

"Succession planning is an integral component of Mairs & Power's long-term focus," Henneman said. "The Board of Directors and I are excited to hand the reins to Rob, knowing that he has been an important part of our growth over the last 10 years. He understands what it takes to ensure the future success of Mairs & Power."

Mairs joined the firm in 2015 as general counsel and became chief compliance officer in 2017 and president in 2018. Prior to joining Mairs & Power, he practiced law in Minneapolis for 16 years with Gray Plant Mooty where he was a partner in the Trust, Estates and Charitable Planning group. He is a graduate of Saint Paul Academy, Dartmouth College, and William Mitchell College of Law. 

Mairs is a grandson of Mairs & Power founder, George Mairs, Jr., and a nephew of George Mairs III, the firm's leader from the early 1980s until late 2000s. Visit the Mairs & Power website to read Mairs' full bio.

Henneman joined the firm in 2004, and during his tenure served as co-manager and lead manager of the Mairs & Power Growth Fund, president, chief investment officer, chief executive officer, and chairman. In his time at the firm, Henneman saw firm assets grow from $2 billion to nearly $12 billion, employees grow from fewer than 20 to more than 50, and as CEO oversaw the launch of the firm's first exchange traded fund (ETF), Mairs & Power Municipal Bond ETF (ticker: MINN), expansion into private equity through Mairs & Power Venture Capital, and enhanced service offerings and support for the firm's advisory clients.

"Mark has had a tremendous impact on making Mairs & Power what it is today," Mairs said. "He had the foresight to navigate and embrace change, while bolstering our long-term investment strategy, always striving to provide the highest quality investment products and services for our clients."

Henneman remains chairman of the board, investment manager to his advisory clients, an active member of the firm's investment committee, and executive to Mairs & Power Venture Capital. Visit the Mairs & Power website to read Henneman's full bio.

About Mairs & Power

Founded in 1931 and based in St. Paul, Mairs & Power is Minnesota's oldest investment firm under continuous private ownership and management. The firm manages more than $11.9 billion in assets across individually managed accounts serving individuals and institutions, three mutual funds (Mairs & Power Growth Fund - MPGFX, Mairs & Power Balanced Fund - MAPOX and Mairs & Power Small Cap Fund - MSCFX), an ETF (Mairs & Power Municipal Bond Fund – MINN), and venture capital. For more information, please visit our website www.mairsandpower.com.

The Funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The summary prospectuses or full prospectus contain this and other important information about the Funds, and they may be obtained by calling Shareholder Services at (800) 304‐7404, or by visiting mairsandpower.com. Read the summary prospectuses or full prospectus carefully before investing. Investing in the Funds is subject to investment risks, including, but not limited to, possible loss of principal amount invested.

The mention of a specific fund or product is not intended as a recommendation or an offer of a particular fund or product, nor is it intended to be a solicitation for the purchase or sale of any fund or product.

Distributed by Foreside Fund Services LLC.

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SOURCE Mairs & Power