Global private equity giant KKR & Co has elevated Joe Bae and Scott Nuttall as co-chief executive officers as part of the corporate reorganisation.
KKR's co-founders Henry Kravis and George Roberts will remain actively involved as executive co-chairmen, said KKR in a statement.
Bae and Nuttall had both joined KKR in 1996 and the duo were serving as co-presidents and co-chief operating officers since 2017 before the current reshuffle.
"As co-presidents and co-chief operating officers, they have worked collaboratively and cemented a strong leadership team that has taken the firm to new heights,” said the KKR cofounders in the statement.
Since Bae and Nuttall's new roles in 2017, KKR has seen significant growth in operating performance, with assets under management (AUM), book value, total distributable earnings doubling and KKR’s stock price tripling, the statement noted.
"We are looking forward to all that lies ahead and to working with Joe and Scott to fulfill our mission of fortifying companies and helping secure the retirements and livelihoods of the hundreds of millions of people around the world who depend on our support and investment expertise," the KKR cofounders added.
Bae is credited for being the architect of KKR’s expansion in Asia while Nuttall is credited for being the architect of the firm’s major strategic development initiatives.
The statement also said that KKR will combine with KKR Holdings L.P., an entity through which certain current and former employees hold interests in KKR. This transaction is expected to be completed by next year.
KKR was founded in 1996 by first cousins George Roberts and Henry Kravis together with Jerome Kohlberg. It started investing in India in 2006.