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Putnam Investments investment chief Steve Oristaglio announced that he will retire later this year.

He only took the job six months ago.

Putnam CEO Charles "Ed" Haldeman said that Oristaglio "wanted a new and different chapter in his life" and made it clear that "the decision to leave was 100 percent his."

Kevin Cronin who has been with Putnam since 1997 will replace Oristaglio and will start immediately.

A Reuters article says,

"On Friday, Haldeman also named Edward Shadek and Joshua Brooks, a longtime protege, as deputy heads of investments.

Oristaglio's decision to leave was not a big surprise, analysts said."

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