UK-based Altius Associates' chief executive officer is leaving his post and will be replaced by a 'triumverate' of existing executive directors.
John A. Hess, co-founder of the firm and CEO since 1998, will become executive chairman of Altius. Taking his place will be three co-CEOs—Jenny Fenton, Altius' chief operating officer; Brad Young, head of investments; and Eric Warner, head of investor relations.
The CEO trio will take on the day-to-day operational management of the firm, allowing Hess to focus exclusively on client development and overall firm strategy. The trio will continue to be responsible for their existing areas.
George Loudon, chairman of the board of Altius Holdings, said in a statement: “The board has taken its time to consider these changes and we are very pleased with the outcome.
“As chairman of Altius Associates Ltd., John’s focus will be on strategic direction particularly in developing geographies, as well as client management. The CEO team appointed represents a strong vote of confidence in the current management team, including Jenny Fenton who is a co-founder of the firm with John, Brad Young, who has worked with John for nine years and Eric Warner, who joined the firm in 2011 with a wealth of experience from his career at Mercer as head of EMEA private equity and M&A. The board is confident that these management changes will provide a stable platform on which the firm can move forward.”
Altius Associates currently advises and manages approximately $24 billion in private equity and real assets in funds and co-investments for clients based across Europe, North America and Australia. It has offices in London, Richmond, VA and Singapore.