Joseph Landy, the co-chief executive officer of Warburg Pincus, is stepping down from the private equity firm, a media report said.
Landy, 58, is planning to transition out of his role over the next year, Bloomberg reported.
Charles Kaye, 55, will become the sole CEO after Landy's departure while former US treasury secretary Timothy Geithner will remain the firm’s president, the report said.
Landy’s move to step down and the succession is amicable, the report said.
A Warburg Pincus spokesperson confirmed the development to Bloomberg. A media representative of the firm in India declined to comment.
According to the firm’s website, Landy has been jointly responsible for the management of the firm since 2000 including in dealing with limited partners, leading the firm’s executive management group, formulation of strategy, and making investment policy and decisions.
Landy’s focus areas have been information technology, internet applications, infrastructure, communications applications and structured investments, the website showed.
Landy holds a B.S. degree in economics from The Wharton School at the University of Pennsylvania and an MBA from The Leonard N. Stern School of Business at New York University.
Kaye led the firm’s outreach to India along with Dalip Pathak in the mid-1990s.
In India, the firm is led by Vishal Mahadevia.
Several other private equity firms have been charting out their own succession paths in recent years.
In 2017, KKR set out a succession plan by elevating Joseph Bae and Scott Nuttall to the roles of co-presidents and co-chief operating officers, who will eventually succeed founders Henry Kravis and George Roberts. The same year, Carlyle Group appointed Glenn Youngkin and Kewsong Lee as co-CEOs.