RTTNews | Oct 11, 2021 08:07AM EDT

08:07 Monday, October 11, 2021 (RTTNews.com) - KKR & Co. Inc. (KKR), a global investment firm, on Monday said its co-founders George Roberts and Henry Kravis are handing over the mantle to the newly appointed Co-Chief Executive Officers Joe Bae and Scott Nuttall with immediate effect.

Henry Kravis and George Roberts will remain as Executive Co-Chairmen of KKR's Board.

Bae and Nuttall are the firm's second pair of Co-Chief Executive Officers. Both joined the New York-based firm in 1996 and have served as Co-Presidents and Co-Chief Operating Officers of the company since July 2017, the company said in a statement.

KKR has also announced structural and governance changes. In a transaction expected to be completed in 2022, KKR is expected to combine with KKR Holdings L.P., which is an entity through which certain current and former employees hold interests in KKR.

The transaction, which is subject to the receipt of requisite regulatory approvals, unit holders of KKR Holdings L.P. are expected to 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 is expected to 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.

On December 31, 2026, subject to exceptions that would accelerate the date, KKR intends to eliminate its controlling Series I preferred stock and also acquire control of KKR Associates Holdings L.P.

Read the original article on RTTNews ( https://www.rttnews.com/3231769/kkr-names-new-co-ceos-as-george-roberts-and-henry-kravis-stand-down.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved