Scott C. Nuttall and Joseph Y. Bae are the new co-presidents and co-chief operating officers of KKR & Co., overseeing day-to-day operations at the alternative investment firm, spokeswoman Kristi Huller said in an email.
As part of the succession planning, co-founders Henry Kravis and George Roberts will move to the roles of co-chairmen and co-CEOs, effective immediately.
The changes will give Messrs. Kravis and Roberts more time to spend on investor, corporate and other relationships as well as on KKR investments, strategy, culture and mentoring, Ms. Huller said in the email.
Also, Alexander Navab, member and KKR's head of Americas private equity is retiring. Mr. Navab did not provide a timeline for his retirement.
"Alex has been an outstanding investor and a remarkable leader of our flagship Americas private equity business over the last decade," Mr. Kravis said in a KKR news release.
Under the new leadership structure, all the regional private equity businesses, including Americas private equity, will now report to Mr. Bae, who also will take over as chairman of KKR's Americas investment committee from Mr. Navab, Ms. Huller said in the email.
Mr. Bae was managing partner of KKR Asia and the global head of KKR's infrastructure and energy real asset businesses. Mr. Nuttall had been the head of KKR's global capital and asset management group. Both Messrs. Bae and Nuttall will retain their previous responsibilities.
Mr. Nuttall will head KKR's corporate and real estate credit, capital markets, hedge fund and capital raising businesses. He also will lead the firm's corporate development, balance sheet and strategic growth initiatives.