Wednesday, 24 August 2016
Last updated 13 hours ago
Mar 26 2014 | 10:41am ET
At 76, private-equity billionaire Wilbur Ross is ready to take a little step back.
Ross’ New York-based firm, WL Ross & Co., has named two new co-leaders: Greg Stoeckle and Stephen Toy. Ross himself will remain chairman of the firm and chief strategy officer.
“With Stephen leading the investment side of our business and Greg in charge of all the other aspects, I will now have more time to devote to developing and implementing the macro strategies that have always been central to our portfolio decisions,” Ross said.
Toy has been with WL Ross since its debut in 2000. He is chairman of the firm’s investment committee. Stoeckle joins the p.e. shop from its parent, Invesco, which bough WL Ross in 2006. At Invesco, Stoeckle was president of its bank-loan unit.
Their appointments as co-leaders takes effect on May 1.