Fenimore Asset Management, a New York independent investment advice firm, has promoted John Fox to CEO as part of its succession planning, according to news reports.

Fox takes over the CEO post from Tom Putnam, the firm’s founder, who will now serve as the company’s executive chairman, the Albany Business Review writes. Fox will work with Debra Pollard, Fenimore’s president, according to the publication.

Fox has been with Cobleskill, N.Y.-based Fenimore for 24 years and served as its chief investment officer for the past four, the Albany Business Review writes.

He will continue in his role as CIO and a firm principal, as well as co-manager of the FAM Value Fund, one of the firm’s mutual funds, according to the publication.

Fenimore is one of Albany’s largest wealth management firms, with close to 40 employees and $2.66 billion in assets under management, the Albany Business Review writes.