KKR Elevates Two Executives as Part of Succession Planning

18 Juillet, 2017, 00:12 | Author: Claudine Rigal

The US private equity giant behind Trainline and Toys "R" Us has named two potential successors to its co-founders, more than 40 years after the business was established.

Joe Bae, 45, and Scott Nuttall, 44 have been named co-presidents and co-COOs at KKR, where they will now be in charge of running day-to-day operations.

Their appointments follow speculation about the line of succession at the buyout powerhouse, as Henry Kravis and George Roberts, co-chairmen and co-CEOs are now in their 70s.

"Today's announcement is about the future and ensuring we have the right team and leadership structure to serve our clients and partners for decades to come", Kravis and Roberts said in a statement.

It marks the first time KKR has appointed anyone to the position of president, with Mr Kravis having previously said any of his 15 executives could take up the helm on his and Mr Roberts' retirements. While Blackstone Group has not shaken up its c-suite since co-founder and senior chairman Pete Peterson retired in 2008, it has bolstered its board in recent years with younger deal makers Jon Gray and Bennett Goodman.

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Bae will focus on the firm's global private equity businesses as well as the real asset platforms across energy, infrastructure and real estate private equity. Nuttall will concentrate on credit, capital markets, hedge funds and fundraising, as well as the firm's balance sheet and strategic initiatives.

Nuttall emerged as a leader at KKR as the firm listed on the New York Stock Exchange in 2010, after merging with a publicly traded fund it managed.

"They think and act globally", Kravis and Roberts said of the duo.

The top private equity firms rely on the track records, influence and mystique of their founders to raise money and land deals.

"Alex has been an outstanding investor and a remarkable leader of our flagship Americas private equity business over the last decade", Kravis and Roberts said, adding that "his management and investment capabilities will benefit any enterprise he joins". KKR said Fisher's move is unrelated to the promotions.

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