Jay Wintrob will become Oaktree Capital Group's CEO, a new position, on Nov. 1, Carissa Felger said in an e-mail.
Mr. Wintrob has been a member of Oaktree's board of directors since 2011 and will stay on the board.
Mr. Wintrob will be primarily responsible for administrative and operational management of all non-investment functions at Oaktree, which now are managed by Bruce Karsh, Oaktree president and co-founder, and John Frank, managing principal.
Mr. Karsh is becoming co-chairman, alongside co-founder Howard Marks. Mr. Karsh will continue as Oaktree's chief investment officer and as portfolio manager for its distressed opportunities and value opportunities investment strategies. The president position will be eliminated.
Mr. Frank will become vice chairman, also a new position.
In response to questions, Ms. Felger said Mr. Marks is not preparing to retire any time soon.
“After nearly 20 years … Oaktree has expanded substantially in terms of assets, employees, breadth and complexity. It's time for us to turn to a world-class financial services executive to take our business to the next level,” Mr. Marks said in a news release.
Mr. Wintrob was president and CEO of AIG Life and Retirement, the U.S.-based life and retirement services businesses of American International Group and executive vice president, life and retirement of AIG. He retired in September from AIG after 25 years, said Jon Diat, AIG spokesman, in an e-mail. Mr. Wintrob is not being replaced.
Mr. Wintrob had been considered to be in the running for CEO of AIG following the announced resignation of Robert Benmosche earlier this year. Instead, Peter Hancock was appointed CEO. Mr. Diat declined to comment.