BlackRock co-founder Ralph Schlosstein is leaving his post as president in order to “pursue other entrepreneurial interests.” In his place, BlackRock’s board of directors has appointed Robert Kapito, BlackRock's former head of portfolio development, as president, effective immediately. Schlosstein will remain with the firm as an advisor until early 2008, helping to ensure an effective transition, according to the firm.
In his new role, Kapito will be responsible for day-to-day oversight of key operating units, including the account management and portfolio management groups, real estate and BlackRock Solutions. He will report to BlackRock chairman and CEO Laurence Fink.
“Ralph approached me earlier this year to consider the possibility of pursuing outside entrepreneurial interests at some point in the future,” said Fink. “He and I have worked closely together over the past several months to develop a transition plan that ensures BlackRock will not miss a beat. I am profoundly grateful for his contributions, and hopeful that BlackRock will be able to play an important role in supporting Ralph’s future endeavors.”
“I am very excited about pursuing my longstanding entrepreneurial interests, knowing that BlackRock is in great hands and that it will move forward to even greater success,” said Schlosstein.
Publicly traded BlackRock managed $1.2 trillion in total assets as of the end of June.