<!-- Swiftype Variables -->

Money Management

Och-Ziff Capital Management names CEO successor to replace Daniel Och

Robert S. Shafir will succeed Daniel S. Och as CEO of alternatives investment manager Och-Ziff Capital Management Group.

Mr. Shafir will assume oversight of Och-Ziff's operations and execution of the company's strategic plan, financial goals and investor relations on Feb. 5, confirmed Joe Snodgrass, a company spokesman.

Mr. Shafir was CEO of Credit Suisse America from 2008 to 2016.

Mr. Och, the firm's founder and its largest shareholder, will continue to serve as chairman of the board through March 31, 2019, a company news release said. He will remain involved with the firm after that time, although no further details were provided.

Mr. Och previously had identified James "Jimmy" Levin, executive managing director, co-chief investment officer and head of global credit, to succeed him as CEO, but told the firm's investment clients that he changed his mind in a Dec. 23 letter, Bloomberg reported.

Mr. Shafir's "distinguished career of 30 years leading global financial institutions and asset management businesses brings unique experience that will benefit OZ significantly," Mr. Och said in the news release. "I am confident this will be a seamless transition and look forward to building on our strong 2017 results."

In the release, Mr. Levin said: "I am excited about the future and look forward to welcoming Rob."

Officials at Och-Ziff could not immediately be reached for further information.

Och-Ziff managed about $32 billion in hedge funds, corporate and structured credit, and real estate as of Dec. 31.

Bloomberg contributed to this story.