Federated Hermes Inc. (NYSE: FHI) announced Steve Chiavarone will become Chief Investment Officer for Global Equities effective Sept. 1, 2026, succeeding Steve Auth who is retiring after 26 years with the firm.

Chiavarone currently serves as Deputy CIO for Global Equities and brings 21 years of investment experience, including 19 years at Federated Hermes. He has held the deputy role since August 2025 and serves as head of the firm's Multi-Asset Group and Senior Equity Strategist.

In his new role, Chiavarone will supervise investment processes, oversee portfolio performance across the Global Equities platform, and help articulate the firm's macro-investment positioning to clients and stakeholders. He will transition from his current portfolio management responsibilities for global asset allocation strategies, with a replacement to be announced.

"Steve brings deep experience across our equity and multi-asset capabilities and a strong understanding of our investment platform," said John Fisher, Chairman of Federated Advisory Companies, according to the company's statement.

Auth's tenure as CIO included developing the firm's equities investment structure and expanding the franchise's global reach. Under his leadership, the equities platform grew to manage $100.8 billion in client assets as of March 31, 2026.

The Global Equities group comprises 156 investment professionals with an average of 19 years of investment experience. Federated Hermes manages $907.1 billion in total assets under management as of March 31, 2026.

Auth and Chiavarone will conduct an orderly transition of responsibilities between now and the September effective date, according to the Pittsburgh-based investment management company's press release.