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.