US asset management giant Blackstone has announced that Tony James, president and COO, will be handing over day-to-day management of the firm to Jon Gray, currently global head of real estate.
James will continue in a full-time role at the firm and assume the title of executive vice chairman, reporting to Stephen A. Schwarzman, co-founder, chairman and CEO. Gray will become president and COO, also reporting to Schwarzman.
Two long-time leaders in Blackstone’s real estate group, Ken Caplan and Kathleen McCarthy, have been named global co-heads of real estate, succeeding Gray.
'I’ve learned over the last 26 years that Jon Gray has great judgment, enormous energy and unique personal charisma, which has enabled him to garner enormous respect within the global financial community. His strong values and passion for excellence are the embodiment of Blackstone’s core principles. The appointment of Jon as president and COO lays the foundation for the next generation of senior management and positions the firm well for future leadership,' said Schwarzman.
Gray joined Blackstone in 1992, directly from college. He started in the private equity and mergers and acquisition areas of the firm before joining the real estate group at its inception, leading this area since 2005.
'I have had a wonderful 15 years at Blackstone so far and still savor every minute of it. One of my most important responsibilities is succession, and I am blessed to have a spectacular leader and investor like Jon Gray to whom I can hand the reins,' said James.
James joined Blackstone in 2002 as vice chairman and COO and assumed the title of president in 2006. In his new role, he will continue to sit on the firm’s investment committees, help develop new businesses, serve as a firm spokesman and manage strategic external relationships. He will also continue to sit on the firm’s management committee and board of directors.
New global co-heads of real estate, Ken Caplan and Kathleen McCarthy, have considerable experience within the firm. Caplan currently serves as a senior managing director and global CIO of the real estate group. McCarthy is currently a senior managing director and global COO of Blackstone Real Estate.
'Having worked closely with Ken and Kathleen for many years, I have tremendous confidence in their ability to continue the group’s strong track record,' said Gray. 'They are excellent investors and operators with remarkable judgment, capable of driving the group to new heights.'
