Waddell & Reed Financial has announced that Thomas Butch has stepped down from his position as president of Waddell & Reed and Ivy Distributors.

Brent Bloss will be promoted from the role he has held since 2014 as chief finance officer to chief operating officer. Bloss has been with the company since 2002 when he was part of the financial division. Bloss' new position will require him to manage day-to-day company operations and carry out strategic initiatives.

Benjamin Clouse will be added as CFO. Clouse was added to the company in 2015 and has been the chief accounting officer since February. Clouse will be promoted to the position with 21 years of experience in finance and accounting and he was part of H&R Block in the past. 

Nikki Newton will be made the president of Ivy Distributors, a subsidiary of Ivy Funds. Newton has 25 years of experience in the industry and has been a part of the company since 1998. She will now lead the wholesale and institutional distribution teams, as well as sales and product development and strategic relationship management.

Shawn Mihal will be named the president of WRI. He has 18 years of industry experience that he will use to help the company with broker-dealer operations.

"These appointments bring a depth of knowledge and expertise that will serve our company, clients and stockholders well as we prepare for the challenges and opportunities that lie ahead," Philip Sander, CEO and chief investment officer of Waddell & Reed Financial, said.