Lapman retiring from Independence Investments

Mark C. Lapman, chief executive of Independence Investments LLC, will retire after more than 26 years at the Boston money management firm, the company said today.

Lapman, also the chairman of the board, will stay on until his successor is chosen. Jay C. Leu, a senior vice president and senior portfolio manager will succeed Lapman as chairman of the investment committee, effective immediately, the firm said in a release.

Independence Investments, with $3.3 billion in assets under management as of June 30, is an affiliate of Chicago-based Convergent Capital Management LLC, an asset management holding company that is a subsidiary of City National Corp., a publicly traded financial services company based in Los Angeles.
(By Elizabeth Campbell, Globe correspondent)