Robert O'Leary, portfolio manager for Oaktree Capital Management's global opportunities strategy, and Armen Panossian, managing director and head of performing credit, will become co-chief executive officers in the first quarter of 2024 replacing Jay Wintrob, who will be stepping down at the same time, a Wednesday news release said.
Mr. O'Leary and Mr. Panossian will oversee the organization and performance of Oaktree's investment teams, while continuing to perform their current duties.
Oaktree declined to comment beyond the news release, according to a spokeswoman.
Todd Molz, Oaktree's general counsel and chief administrative officer, will be named to the new position of chief operating officer and will oversee Oaktree's day-to-day management and all non-investment functions. Messrs. O'Leary, Panossian and Molz will join Co-Chairmen Howard Marks and Bruce Karsh, and Vice Chairman John Frank on Oaktree's executive committee.
"On behalf of the entire Oaktree team, I also want to thank Jay for his excellent service over the past decade," Mr. Marks said in the news release. "Jay has contributed in many ways to our success, and we wish him all the best as he moves on to his next chapter."
Oaktree has $172 billion in assets under management.
