ValueAct CEO Jeff Ubben to step down

 ValueAct Capital Partners LP’s founder Jeff Ubben is stepping down as chief executive officer and will be replaced by the activist hedge fund’s president, Mason Morfit, the Financial Times reported on Wednesday.

Ubben would continue to oversee ValueAct Spring Fund, which invests in companies aiming to address environmental and social problems, according to the report.

Brandon Boze, a partner and member of the company’s management committee, was promoted to the role of president, the FT reported.

ValueAct did not immediately respond to Reuters’ request for comment.