KKR Appoints Joe Bae and Scott Nuttall as Co-Presidents and Co-Chief Operating Officers

Two businessmen shaking hands.

Photo credit: Shutterstock

Multinational private equity company KKR has announced a new line of leadership. As of July 17, 2017, Joe Bae and Scott Nuttall will oversee KKR’s day-to-day operations as co-presidents and co-chief operating officers.

Unusual? Yes. Unheard of? No.

Other companies have appointed co-presidents before. Take Santander Bank, for example. This past June, Santander appointed Robert Rubino and Michael Clearly as co-presidents of the bank.

And even more recently, on July 24, 2017, Sony named Jason Clodfelter and Chris Parnell as co-presidents of Sony Pictures Television Studios.

But what’s particularly unique about KKR is the fact that the firm also has co-CEOS: cousins Henry Kravis and George Roberts. Kravis and Roberts co-founded KKR in 1976 alongside their former colleague Jerome Kohlberg, Jr.

According to The New York Times, the appointment of Joe Bae and Scott Nuttall as co-presidents and co-chief operating officers is “the biggest shakeup in the 41-year-old firm’s history since KKR’s other co-founder, Jerome Kohlberg, Jr, left it in 1987.”

But in all honesty, the announcement couldn’t have come at a better time. Kravis and Roberts, both 73, have already passed retirement age. This new level of leadership will act as a line of succession for whenever Kravis and Roberts decide to step down.

“Having joined the firm together over 20 years ago, Joe and Scott have a strong foundation of trust, professional respect, and personal friendship that is critical for success,” Kravis and Roberts said in a joint statement. “They think and act globally, they embody KKR’s core values, and they are two of our most accomplished business leaders, with proven track records of managing large teams, building new businesses, and driving value for our fund investors and our public unit holders.”

Together, Bae and Nuttall will oversee more than $90 billion in KKR assets. It’s a huge responsibility to take on, but one that both men are prepared for.

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