KKR Co-CEOs Step Down After 45 Years At The Helm

The investment firm KKR & Co Inc KKR has announced its first executive succession plan since the firm’s founding in 1976.

What Happened: Co-CEOs and co-founders Henry Kravis and George Roberts are transitioning to the role of executive co-chairmen, with Joe Bae and Scott Nuttall are becoming co-CEOs. The transition is effective immediately.

Bae and Nuttall both joined KKR in 1996 and served as co-presidents and co-chief operating officers since July 2017.

In a press statement, Kravis and Roberts said they “could not be more excited about this moment in time,” adding they were “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.”

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What Else Happened: Separately, the New York City-based company announced it was combining with KKR Holdings L.P., which it described as “an entity through which certain current and former employees hold interests in KKR.”

In this transaction, unit holders of KKR Holdings L.P. will receive one share of KKR common stock for each unit they hold in KKR Holdings L.P. as well as their pro-rata share of an additional 8.5 million shares of KKR common stock. In addition, KKR will eliminate its Series II preferred stock and terminate its tax receivable agreement with respect to units of KKR Holdings L.P. that are not previously exchanged.

Furthermore, KKR stated it would eliminate its controlling Series I preferred stock and also acquire control of KKR Associates Holdings L.P. on Dec. 31, 2026. These transactions are subject to regulatory approval, the company added.

Photo: Henry Kravis and Joe Roberts, courtesy of KKR.