Steve Schwarzman Holds On as Tony James's Exit Shapes Blackstone Succession [Business News Network (BNN) (Canada)]
KKR & Co. Inc. (KKR)
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Source: Business News Network
Now, there is only Schwarzman left. The news that James, 70, will retire as executive vice chairman is the latest sign of a changing of the guard at Wall Street's storied leveraged buyout shops. It also leaves Schwarzman as the lone holdout among a generation of billionaire founders who have recently passed the torch to a younger set of leaders. Schwarzman, 74, praised his colleague's handling of the changeover -- while saying nothing about his plans. James “gave us the gift of time, by beginning the conversation around succession well before his intended exit,” Schwarzman said in an internal memo obtained by Bloomberg. “This allowed us to identify, develop, and train a terrific successor in Jon Gray,” he said. Succession has been in the works for years at Blackstone, Gray said at a conference last month, adding that James trained him and involved him in key firm matters. Gray took over for James as Blackstone's president and chief operating officer in 2018. Read more: Blac
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