Private equity firm KKR & Co. Inc. said Monday co-founders Henry Kravis and George Roberts have stepped down as co-chief executive officers as part of leadership transition.
The PE firm named Joe Bae and Scott Nuttall as the new co-CEOs, effective immediately, it said in a statement.
Kravis and Roberts will remain actively involved with KKR as executive co-chairmen of the board of directors.
Bae and Nuttall are the firm’s second pair of co-CEOs. They both joined KKR in 1996 and have served as co-presidents and co-chief operating officers of KKR since July 2017. Since then, KKR has seen significant growth in operating performance, with assets under management, book value and total distributable earnings doubling, and KKR’s stock price tripling.
The two co-founders said that Bae and Nuttall have played “a significant role” in shaping KKR and its culture. “They have worked collaboratively and cemented a strong leadership team that has taken the firm to new heights,” Kravis and Roberts said.
KKR was founded in 1976 by first cousins Roberts and Kravis together with Jerome Kohlberg. Since then, it has evolved from a US-focused firm to a global investment firm with interests across PE, alternative credit, infrastructure, real estate, growth equity, impact, core, and energy. The firm also has a capital markets business, a retirement and life insurance business through Global Atlantic, and hedge fund partnerships.
Bae has held numerous leadership roles at KKR. He was the architect of KKR’s expansion in Asia. In addition to developing KKR’s Asia-Pacific platform, he helped build the firm’s private markets businesses.
Nuttall was the architect of major initiatives, including leading KKR’s public listing, developing its balance sheet strategy and overseeing the development of KKR’s public markets businesses in the credit and hedge fund space.