What we can learn about succession planning from private-equity titan KKR
KKR & Co. Inc.’s move this week to name two insiders as co-CEOs highlights the struggle facing some baby boomer private-equity titans in creating succession plans to pass on their firms to a younger generation of executives.
KKR KKR, +0.75% has eased Wall Street into the change for a while, given that Nuttal has been the main speaker on quarterly conference calls for the firm for years.JMP analyst Devin Ryan said KKR has been planning for a transition. Carlyle Group CG, +0.81% named Kewsong Lee, 54, sole CEO in 2020 after Glenn Youngkin decided to retire as co-CEO. The pair took the helm of the company in early 2018, while co-founders David Rubenstein and Bill Conway, both 72, moved to the executive chairman role.
Firms such as Goldman Sachs Group Inc.’s GS, -0.50% Petershill unit and Neuberger Berman’s Dyal Capital business have played a role in succession by buying stakes in private-equity firms. The deals allow firm owners to cash out some of their holdings, and help lay the groundwork for a new generation to take over.
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