October 25, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

KKR co-founders Kravis and Roberts step down as CEOs

KKR & Co. Inc. KKR, +3.36% on Monday named Joe Bae and Scott Nuttall as co-CEOs of the 45-year-old private equity firm, effective immediately. Founders Henry Kravis and George Roberts will remain involved with the firm as executive co-chairmen. Bae and Nuttall had been co-presidents and co-COOs since 2017. Both joined the firm in 1996. KKR is also making some governance changes to eliminate its other share types and move to a one share, one-vote structure. In 2022, the firm will combine with KKR Holdings L.P. Unitholders 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, the company said. KKR will eliminate its Series II preferred stock and terminate its tax receivable agreement. In 2026, KKR will eliminate its controlling Series I preferred stock and also acquire control of KKR Associates Holdings L.P. After these transactions, all common stock will vote on a one vote per share basis on all matters.

Share This :