Simon Pearse (43) has been appointed chief executive of Marriott, incorporating The Income Specialists and The Property Specialists that have assets under management and administration of R23 billion. He succeeds Mike Mun-Gavin who retires after 13 years as managing director of Marriott.

Mun-Gavin, who retains most of his directorships and will continue to consult to the group, says the present executive moves reflect long-term succession planning.

Pearse joined the company in 1992 as a client portfolio and administration manager and became managing director of Marriott Asset Management in 1996.

He has a B.Comm, MBA and a doctorate. He is a man for new ideas and successfully launched the country's first open-ended property equity unit trust in 1996. He was also instrumental in expanding the company's asset management activities off-shore to the Isle of Man.

Pearse will continue to be involved with managing clients assets in his role as the fund manager of the Marriott Property Equity Fund and Marriott Property Income Fund, and he will remain a member of the investment committee and management team of The Income Specialists.

Mike Ronald (42) B.Comm, CA(SA), succeeds Simon Pearse as managing director of The Income Specialists. He joined The Income Specialists in 1995 as financial director. Craig Ewin, and David Polkinghorne have been appointed directors of Marriott.