Private equity

First Reserve installs sole CEO as part of succession plan

Alex T. Krueger was named sole CEO of private equity energy firm First Reserve, effective July 1.

He replaces William E. Macaulay, chairman, co-CEO and co-founder, who on July 1 will become executive chairman and chairman of the firm's private equity funds' investment committee, as part of First Reserve's succession plan, said spokeswoman Julie Oakes in an email.

Mr. Macaulay co-founded the firm with John A. Hill in 1983.

Mr. Krueger is currently president and co-CEO. He will retain his president title.