Wednesday, 24 August 2016
Last updated 14 hours ago
Oct 30 2012 | 9:12am ET
Michael Smith will retire as chairman of CVC Capital Partners early next year to be replaced by not one but three men.
The European private equity specialist announced Monday that Smith's role will be taken over by Donald Mackenzie, Rolly van Rappard and Steve Koltes, who will act as co-chairmen of the company.
Mackenzie will oversee CVC’s investment and portfolio committees, van Rappard will chair the two private equity boards that control the firm’s daily operations and Koltes will assume Smith’s investor relations duties.
“Having spent 30 years in the business from its origins with Citicorp in the early 1980s through to independence in 1993, and the subsequent development of the business to where it is today, I have decided to retire from CVC in January,” Mr. Smith said in a statement on Monday.
CVC manages capital for about 300 institutional, governmental and private investors worldwide.