The US private equity giant behind Trainline and Toys ‘R’ Us has named two potential successors to its co-founders, more than 40 years after the business was established.
KKR said it had appointed two of its senior executives, Scott Nuttall and Joe Bae, as co-presidents and co-chief operating officers.
Henry Kravis and George Roberts, who founded the firm and are in their early 70s, will remain as co-chief executive officers and co-chairmen.
However, in hiring Mr Nuttall and Mr Bae, KKR said it was “ensuring we have the right team and leadership structure to serve our clients and partners for decades to come”.
“They think and act globally, they embody KKR’s core values, and they are two of our most accomplished business leaders, with proven track records of managing large teams, building new businesses and driving value for our fund investors and our public unitholders.”
It marks the first time KKR has appointed anyone to the position of president, with Mr Kravis having previously said any of his 15 executives could take up the helm on his and Mr Roberts’ retirements.