Management ChangeMay 7, 2026, 05:12 PM
Gabelli Utility Trust Updates on Mario Gabelli's Health, Succession Plan
AI Summary
Gabelli Utility Trust provided an update on Mario J. Gabelli's health and the implementation of GAMCO Investors, Inc.'s succession plan. Mr. Gabelli, who was hospitalized on March 19, 2026, is improving, though his return timeline is uncertain. In response, GAMCO named Christopher J. Marangi as President on March 22, 2026, and he will co-lead day-to-day operations with Douglas R. Jamieson. The Fund's portfolio management team will be led by Co-Chief Investment Officers Kevin V. Dreyer and Christopher J. Marangi during Mr. Gabelli's absence.
Key Highlights
- Mario J. Gabelli, Trustee, Chairman, and Chief Investment Officer, was hospitalized on March 19, 2026.
- Mr. Gabelli's condition is improving, but his return timeline is currently unknown.
- GAMCO, the parent company of the Fund's adviser, implemented its succession plan on March 22, 2026.
- Christopher J. Marangi was named President of GAMCO on March 22, 2026.
- Day-to-day operations of GAMCO will be led by co-CEO Douglas R. Jamieson and Christopher J. Marangi.
- Kevin V. Dreyer and Christopher J. Marangi will lead the Fund's portfolio management team.