Henry Kravis and George Roberts have resigned as KKR chiefs

Henry Kravis and George Roberts, whose sales in the 1980s made them the face of financial companies, are retiring as CEO of KKR, a prestigious company he founded in 1976.

Other company executives, Scott Nuttall and Joe Bae, have taken part, KKR said Monday. Kravis and Roberts have been chairs to oversee and maintain relationships with those who sell and provide advice on corporate ideas.

KKR’s rivals including Carlyle Group, Apollo Global Management and TPG have seen in recent years that the founders of the past are offering torches to young people as $ 4tn financial companies grow and exceed the company’s profits.

“We can’t be happier at the moment,” said Kravis, 77, and Roberts, 78.

Kravis and Roberts, relatives who studied together at Claremont Men’s College in the late 1960s, continued to work together at the Bear Stearns bank before leaving with their teacher, Jerome Kohlberg, to form Kohlberg, Kravis, Roberts & Co.

The company took off over the next decade with the advent of the volatile market, gaining house names like Safeway and Duracell. But the success of KKR $ 25bn for RJR Nabisco in 1989, immortal in this book Outside the Gate, will represent a new type of global economy that has made billions but has not stopped being killed among stolen companies. Kohlberg left KKR in 1987 and died in 2015.

Kravis and Roberts have had a close relationship with the company despite being senior. KKR has about 2,000 employees and manages $ 429bn in assets that spread through securities, real estate, insurance and debt repayment. Roberts remained in San Francisco while Kravis, New York, became one of the city’s most prominent members.

This year, KKR closed down a $ 5bn acquisition of Global Atlantic, a life insurance company, which expands its chances of securing fixed income and lending to institutions. KKR came out publicly in 2011; its shares have grown 130% since the beginning of 2020, giving them a market beyond $ 60bn.

As KKR and its allies came to oversee hundreds of billions of dollars and transformed from corporate alliances into larger corporations, mentioned, they paid close attention to the initiatives of the founders and the need to attract public market vendors and live peacefully in public spotlight. KKR set itself up as a company, paying higher taxes, while announcing a one-off, one-off vote.

Nuttall, 48, and Bae, 49, each joined KKR in 1996 at the age of 20. Bae built the Asian KKR business while Nuttall focused on corporate markets and credit bureaus.

Kravis and Roberts are the top shareholders in KKR, giving them $ 90m each in compensation by 2020.

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