CVC Capital Partners on Wednesday named insider Peter Rutland and TPG's Todd Sisitsky as co-chief executives, setting up a leadership transition as incumbent Rob Lucas prepares to step down in the first quarter of 2028.
Lucas, who has led the private equity firm since 2021 and oversaw its initial public offering on Euronext Amsterdam in 2024, will remain closely involved at a group level and in its investment activities after the transition, CVC said.
Shares of CVC are down nearly 19% from their debut price in the April 2024 listing.
Sisitsky has been TPG president since 2021. In an SEC filing on Tuesday, TPG said Sisitsky had resigned from his role on September 6. He will chair the CVC partner board.
Rutland has been with CVC for 19 years and is currently a managing partner and president of the firm, which has about €212 billion ($246.47 billion) in assets under management.
In July, CVC, which has stakes in brands such as Lipton Teas, Breitling and Petco, posted a half-year net profit that beat market expectations, boosted by growth in fundraising and a rise in fee-paying assets under management.
Reuters reported on Tuesday that CVC was exploring a sale of Arthea, the personal care platform whose products include bath and body brand Dr. Teal's, in a deal that could value the platform at around $2 billion.
