Ares Management promotes president to CEO; Tony Ressler to assume executive chairman role

Michael J Arougheti, co-founder and president of alternative investment firm Ares Management, is being promoted to the additional role of CEO effective Jan. 1, said Bill Mendel, spokesman.

He is replacing co-founder Tony Ressler, who is now executive chairman. As executive chairman, Mr. Ressler will primarily focus on major client marketing, corporate strategy and brand building.

Michael McFerran, partner and chief financial officer, will also take on the additional role of chief operating officer. Also, Ryan Berry, partner and strategy and relationship management group, is now chief marketing and strategy officer.