Cerberus taps former J.P. Morgan COO as new president, adds co-CEO position

Matt Zames joined alternative investment firm Cerberus Capital Management as president, taking over from Frank Bruno, who was promoted to co-CEO, said spokesman Andrew Johnson in an email.

Mr. Zames was previously chief operating officer at J.P. Morgan Chase.

Mr. Bruno will work with Steve Feinberg, founder, chief investment officer and co-CEO. Mr. Feinberg had been sole CEO before Mr. James was hired.

At the same time, Lee Millstein was promoted to president of Cerberus' international business, Cerberus Global Investments. He will retain his role as global head of real estate.

Cerberus has about $34 billion in assets under management.