KKR’s billionaire cofounders Henry Kravis and George Roberts are stepping down after 45 years

KKR’s billionaire cofounders Henry Kravis and George Roberts are stepping down after 45 years

KKR on Monday its billionaire founders Henry Kravis and George Roberts were stepping down as co-CEOs and being replaced by the firm's co-presidents, Scott Nuttall and Joseph Bae. The private equity giant said Kravis, 77, and Roberts, 78, would remain involved in the running of the firm as executive co-chairmen. The transition has been in the works for years and is unlikely to surprise the firm's investors. Nuttall and Bae both joined KKR in 1996. Nuttall had previously spent less than two years at Blackstone, while Bae had a similarly short stint at Goldman Sachs Group Inc's principal investments group. KKR named Bae, 49, and Nuttall, 48, as co-presidents in 2017. KKR's shares have tripled in value and its assets under management and distributable earnings have doubled since Bae and Nuttall officially became Kravis' and Roberts' top lieutenants four years ago, KKR said. Nuttall and Bae face a high-stakes challenge in replicating the successful working relationship of Kravis and Roberts, two cousins who started KKR 45 years ago. Nuttall helped take KKR public, a process that involved merging the firm with an Amsterdam-listed fund in 2009 and then moving the listing to New York in 2010. He has been a