A second generation of Mallotts is taking over the helm at Sealaska.
The regional Native corporation’s board of directors named Anthony Mallott as president and CEO during a shareholders’ meeting Tuesday night in Anchorage.
He’s the son of former CEO and long-time board member Byron Mallott, who’s running for governor as a Democrat.
The younger Mallott says he has a good relationship with his father. But they limit their conversations.
“We do not discuss business,” he said. “We’ve kept that outside our relationship. Of course, he’s offered fatherly advice my whole entire life.”
Anthony Mallott has been Sealaska’s treasurer and chief investment officer for the past eight years.
The 39-year-old says that, and his previous experience, got him the job.
“I’ve spent 18 years in the investment management field,” he said. “I have a very experienced background in that regard. And I really think the board saw that as one of the very important attributes that we need in a CEO as we move into this phase of acquiring new investments and operating entities.”
Sealaska is in the midst of changing some of its financial policies, with a goal of providing more jobs and higher dividends to shareholders.
To do that, it must recover from last year’s substantial shortfall.
Sealaska reported about $57 million of operating losses during 2013. Revenues from investments and other sources brought that down to around $35 million.
Mallott says the corporation is still financially strong.
“We have assets, that at a minimum, will provide a strong level of income in this coming year. So the turnaround’s already happening.”
He’ll take over the reins from current CEO Chris McNeil Jr. on June 28th, the day of Sealaska’s annual meeting.