First Reserve Appoints Alex Krueger to Co-CEO

Feb 13 2015 | 12:12pm ET

First Reserve President Alex Krueger has been promoted to Co-Chief Executive Officer of the 32-year-old private equity company.

Krueger is a 15-year veteran of the firm and will share the top spot with current Chairman and CEO William Macaulay, who acquired First Reserve with John Hill in 1983.

Krueger, who worked in the Energy department of Donaldson Lufkin and Jenrette before joining First Reserve, will also retain the title of co-head of buyouts.

First Reserve is the largest global private-equity fund focusing exclusively on energy investments. It has deployed more than $23 billion in aggregate capital into more than 470 transactions since its inception.

Krueger was promoted to president in 2012 and was viewed as the heir apparent to Macaulay. The promotion to Co-CEO solidifies Krueger’s position in the company’s succession plan. 

In September 2014, First Reserve closed its latest fund at $3.4 billion, well below its original target of $6 billion.

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