Jim Coulter has stepped down as co-CEO and is now executive chairman of alternative investment firm TPG, spokeswoman Courtney Power said in an email.
Co-CEO Jon Winkelried is now the firm's sole CEO, performing all of the duties associated with that position, she said. David Bonderman, TPG co-founder, will continue in his role as chairman. Mr. Winkelried joined TPG as co-CEO in 2015 from Goldman Sachs where he was president and co-chief operating officer. Mr. Winkelried will run TPG's day-to-day management.
In his new position, Mr. Coulter is focusing on investments. He was also named managing partner of TPG Rise Climate, a new climate investment initiative. He will continue to be co-managing partner of The Rise Fund, TPG's impact investment strategy.
"David and I are pleased to have a leader of Jon's caliber as the firm sets the course for TPG's next chapter," Mr. Coulter said in a news release. "On a personal level, Jon's perspective and expertise have been incredibly valuable to me as we led the firm together over the last five years.