Thornburg Investment Management President and CEO Jason Brady said in a news release about his plans to step down later this year that he has had a good, long run at the company but it's time to go.

Thornburg Investment Management announced Brady's plans to step down in a May 5 news release.

"Since joining Thornburg in 2006, I am proud of what we have achieved, particularly the strength of the team we have developed, and I'm grateful for the opportunity to serve as the firm’s president and CEO for nearly eight years," Brady said in the news release. "This is the appropriate time for a new leader to step in and I remain fully involved and engaged while the Board searches for a successor."

Later in the month, Brady appeared on Bloomberg TV to talk about the nation's debt ceiling and bank failures. Brady is continuing "in his role to allow for a smooth transition while Thornburg’s Board of Directors undertakes a search for his successor," the news release said.

Brady's last day as president and CEO and portfolio manager, and his successor, have not yet been announced. Brady also is expected to leave his seat on the firm's board of directors and fully depart from Thornburg.

"I thank Jason for delivering strong results across our business and notably assembling an experienced group of world-class leaders at the organization," Thornburg Investment Management Chairman Garrett Thornburg said in the news release. "Our 41-year foundation leaves us well positioned to make the next phase of our growth the most exciting in our company’s history."

Thornburg Investment Management, headquartered in Santa Fe, New Mexico, is a global investment firm with $42 billion in assets under management and $1 billion in assets under advisement as of the end of April, according to the news release. The privately held firm was founded in 1982.

In March, Thornburg Investment Management, which also manages the Thornburg Better World International Fund, announced the company had won three 2023 Refinitiv Lipper Fund awards.