Joseph P. Landy is stepping aside as co-chief executive officer of Warburg Pincus, the private equity firm he has helped manage since 2000, according to a person familiar with the matter.
Mr. Landy, 58, will transition out of the co-CEO role over the next year, said the person, who asked to not be identified because the matter isn't public.
Mr. Landy declined to comment through a representative for Warburg Pincus, who confirmed the move.
Charles Kaye, 55, — Mr. Landy's partner in managing and growing the firm for two decades — will become sole CEO while former U.S. Treasury secretary Timothy Geithner, 57, will remain president, the person said.
It is an amicable succession and Mr. Landy feels the timing is right to move on, as Warburg Pincus recently closed two funds, the person said, adding that he plans to remain affiliated with the firm.
It's only the second top-level management transition in the firm's 53-year history. Landy and Kaye have co-led the firm since the early 2000s, after founders Lionel Pincus and John Vogelstein stepped down. During Messrs. Landy and Kaye's tenure, assets under management have grown to more than $65 billion, including in the last year closing the $14.8 billion Warburg Pincus Global Growth and the $4.25 billion Warburg Pincus China-South East Asia funds, according to data compiled by Bloomberg.