FILE PHOTO: Jeffrey Ubben, Founder & CEO at ValueAct Capital, poses for a portrait before speaking on the Reuters Newsmaker event' "The Future of Shareholder Activism" panel in Manhattan, New York, U.S., February 22, 2017. REUTERS/Andrew Kelly

(Reuters) - ValueAct Capital Partners LP’s founder Jeff Ubben is stepping down as chief executive officer and will be replaced by the activist hedge fund’s president, Mason Morfit, according to a source familiar with the matter.

Ubben will become the chairman of the company and continue to oversee ValueAct Spring Fund, which invests in companies aiming to address environmental and social problems, the source said.

Separately, Brandon Boze, a partner and member of the company’s management committee, was promoted to the role of president, Morfit said in a statement.

The Financial Times first reported that Ubben is stepping down as CEO.