Business Standard

KKR’S founders hand over reins to Joe Bae, Nuttall


Henry Kravis and George Roberts (pictured), quintessen­tial dealmakers who have dominated global private equity for almost half a century, are ceding their leadership roles at KKR & Co. to make way for their handpicked successors.

The billionair­e founders of KKR elevated Joe Bae, 49, and Scott Nuttall, 48, to co-chief executive officers, effective immediatel­y, the New York-based firm said in a statement Monday. Kravis, 77, and Roberts, 78, will serve as executive cochairmen of the board. Along with the changes, KKR said it will move to a one-share, one-vote structure within five years.

“We are proud of what we have built to support companies and serve our clients over the last four and a half decades,” Kravis and Roberts said in the statement.

The reorganiza­tion marks the final step in a succession plan initiated four years ago. It’s also one of the most significan­t generation­al shifts yet for the industry. Over the last several years, the largest private equity firms, including Carlyle Group Inc., have installed younger executives to take over from their wealthy founders.

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