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ESL Investments appoints new president

US-based privately owned hedge fund ESL Investments has appointed G Mike Mikan as its new president.

The new role is effective from 1 January 2013. Mikan will report to Edward Lampert, chairman and chief executive officer of ESL Investments.

Commenting on the appointment, Lampert said, "Mike is a proven business leader who has a great track record of driving operating performance and a diverse background spanning operations, finance and strategy."

"Mike’s background fits with our strategy and he will be a great asset to me and to ESL’s portfolio companies."

He worked with UnitedHealth Group for more than 14 years and held a number of executive positions including executive vice president and chief financial officer, as well as chief executive officer of its Optum subsidiary.

He also served on the board of directors of Best Buy Company since 2008 and was named its interim chief executive in April 2012, serving until September 2012.

ESL Investments mainly offers services to pooled investment vehicles as well as launches and manages hedge funds for its clients. The firm invests in public equity and fixed income markets.