The Blackstone Group has hired Laurence Tosi as the firm’s chief financial officer. Tosi will serve on Blackstone’s executive committee and is expected to take up his position after the summer.

Current CFO Michael Puglisi will remain as a senior managing director and a member of senior management.

Tosi was previously the chief operating officer for the global markets and investment banking group of Merrill Lynch & Co.

Stephen Schwarzman, Blackstone’s co-founder, said: “Blackstone’s businesses continue to expand in new markets and with new products. Laurence’s deep knowledge of financial services and finance will be a tremendous resource for us.”