KKR & Co Inc said on Monday it has elevated its co-presidents Scott Nuttall and Joseph Bae to co- chief executive officers, succeeding the storied private equity firm's billionaire co-founders Henry Kravis and George Roberts.
The transition has been in the works for years and is unlikely to surprise the firm's investors. KKR had named Bae,49,and Nuttall,48,as co-presidents in 2017. KKR said on Monday that Kravis, 77, and Roberts, 78, would remain involved in the running of the firm as executive co- chairmen.
KKR's shares have tripled in value and its assets under management and distributable earnings have doubled since Bae and Nuttall officially became Kravis'and Roberts'top lieutenants four years ago, KKR said.