Saturday, 1 October 2016
Last updated 21 hours ago
Dec 5 2013 | 10:35am ET
Private-equity giant Apax Partners will replace CEO Martin Halusa with two of its partners.
Andrew Sillitoe and Mitch Truwit will take over as co-CEOs in January, when Halusa, Apax's second CEO after founder Ronald Cohen, will become the London-based firm's chairman.
"Apax's partnership model and consensus-driven approach have served the firm and all of its stakeholders extremely well over the past three decades, and I believe Andrew and Mitch are well-qualified and experienced to lead and inspire the next generation of Apax."
Sillitoe currently works on Apax's technology and telecommunications team. Truwit, the former CEO of Orbitz Worldwide and a former chief operating officer at priceline.com, is a partner at the firm's Apax Services division.
Halusa has led Apax since 2003, and will retire at the end of the investment period for the new US$7.5 billion fund Apax raised earlier this year.