Sábado, 22 Setiembre, 2018

KKR gets busy with succession planning

The 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 says Henry Kravis KKR gets busy with succession planning
Irune Rengel | 18 Julio, 2017, 00:12

Amid the moves, KKR said Alex Navab, its head of private equity in the Americas and one of the most senior dealmakers in the industry, chose to leave....

And so they have: Joe Bae and Scott Nuttall, a pair of executives who were toddlers when Kravis and Roberts and the recently-deceased Kohlberg started the private-equity giant, and who've worked for it for essentially their entire careers (and who apparently have a hair-trigger when it comes to canning people).

Henry Kravis and George Roberts, who founded the firm and are in their early 70s, will remain as co-chief executive officers and co-chairmen.

Consolidated Communications Hol (NASDAQ:CNSL) Experiences Heavier than Average Trading Volume
NEXT Financial Group Inc's holdings in L-3 Communications Holdings were worth $110,000 as of its most recent filing with the SEC. The company had revenue of $169.90 million during the quarter, compared to the consensus estimate of $171.22 million.

"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.

In recent years, the two men have praised the firm's growing bench, with Kravis once saying that any of 15 executives could lead the firm should he and his cousin retire.

Carlyle Group, like KKR, uses a co-CEO model, and in 2011 named Glenn Youngkin as chief operating officer. Among those individuals were Nuttall and Bae.

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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 primarily oversee its businesses in corporate debt, hedge funds and capital markets and manage the firm's own corporate development. Most notably, Bae moved to Hong Kong in 2005 to spearhead the firm's expansion into Asia, where it has raised three dedicated funds with over $19bn. Bae returned to NY in 2015.

And they'll be doing so under the watchful eye of Kravis and Roberts, who are still tentatively planning not to die. Numerous largest such firms are still helmed by the men who started them.

Navab, 51, was born in Iran and fled the country in 1979 to Greece before emigrating to the US He joined KKR in 1993 and made his name working on media and telecommunications deals before being promoted in 2008 to help oversee the firm's private equity business in North America.

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"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".

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