KKR & Co. LP (KKR) Monday named Joe Bae and Scott Nuttall was co-presidents and co-chief operating officers of KKR and members of the board of directors.
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. In a release Kravis and Roberts stated: "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."
KKR shares were up 29 cents or, 1.51%, to $19.54 through afternoon trading Monday.
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 corporate and real estate credit, capital markets, hedge fund and the capital raising businesses, while working on the firm's corporate development, balance sheet and strategic growth initiatives.
Alex Navab, a 24-year veteran of the firm, will step down from his role as head of Americas private equity and retire from KKR "after an orderly transition." The founders said, "We thank Alex for his many contributions and know his management and investment capabilities will benefit any enterprise he joins." The firm also stated, "separately and unrelated," that chief administrative officer Todd Fisher announced his intention to depart from from the firm at the end of the year to pursue a second career outside the investment arena.