William Sonneborn, head of KKR's capital markets business, KKR Asset Management, and president, CEO and director of KKR Financial Holdings LLC, a publicly traded credit vehicle of KKR, is retiring after close to five years, confirmed Kristi Huller, spokeswoman for Kohlberg Kravis Roberts & Co.
Craig J. Farr, global head of KKR's capital markets and origination business, will oversee KKR's credit and capital markets businesses and KKR Financial Holdings. Mr. Farr joined KKR in 2006 to create the capital markets business.
In KKR Financial Holdings' quarterly conference call Tuesday, Mr. Sonneborn said he will be staying on for the “next few months” to assist Mr. Farr's transition.
“Orson Welles once said, `If you want a happy ending, you need to know when to end your story,'” Mr. Sonneborn said during the call. “As I end mine with (KKR Financial), I'm glad to be leaving you in the capable hands of my partner Craig Farr.”