KKR's billionaire founders hand over reins to Joe Bae, Scott Nuttall

Henry Kravis and George Roberts, quintessential dealmakers who have dominated global private equity for almost half a century, are ceding their leadership roles at KKR & Co. to make way for their handpicked successors.

The billionaire founders of KKR elevated Joe Bae, 49, and Scott Nuttall, 48, to co-chief executive officers, effective immediately, the New York-based firm said in a statement Monday. Kravis, 77, and Roberts, 78, will serve as executive co-chairmen of the board. Along with the changes, KKR said it will move to a one-share, one-vote structure within five years.

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