Richard Sarnoff to Take Over as Head of KKR’s Americas Media and Telecommunications Team
July 25, 2014 Leave a comment
Kohlberg Kravis Roberts & Co. (KKR), a private equity company founded in 1976, just announced that Richard Sarnoff will be taking over as head of its Americas media and telecommunications industry team. Sarnoff, a former senior executive at European media conglomerate Bertelsmann SE & Co KGaA, will succeed Alex Navab.
This change in management will allow Navab to focus on his new position as head of KKR’s Americas private equity group. He has been co-leading this group alongside Michael Michelson since 2008, and has had to focus even more energy on this asset since Michelson stepped down from this position in May to focus his efforts on investing at KKR.
Richard Sarnoff will also be a managing director at KKR, the private equity firm said in a memo this week announcing his appointment to its investors. Business insiders are speculating that Sarnoff’s experience working in media firms such as Bertelsmann will allow him to thrive in KKR’s Americas media and telecommunications team.
Bertelsmann is a German multinational mass media corporation that was founded in 1835. It is best know for its book publisher, Random House, which is the largest general-interest trade book publisher in the world. This company has published popular books including Gillian Flynn’s Gone Girls, and Piper Kerman’s Orange is the New Black. Sarnoff left the company in 2011 to work as a senior advisor for KKR and sit on the board of directors of music rights management company BMG, a joint venture between KKR and Bertelsmann.
Sarnoff is credited with leading Bertelsmann’s digital media efforts and orchestrating its acquisition of Random House. Sarnoff’s transition into a more prominent role has been seamless, and he is expected to make a big impact at KKR.