John Hess, the co-founder private equity advisor Altius Associates is to step back as CEO, to be replaced by COO Jenny Fenton, head of investments Brad Young, and head of investor relations Dr Eric Warner, who will all now carry the title of co-CEO
Having held the CEO post since 1998, Hess will now take the full time role of executive chairman. The changes follow a “long-scheduled” plan by the board to evolve the leadership structure of the firm in support of its continued growth and development, the firm said.
The CEO trio will take on the day-to-day operational management of the firm, allowing Hess to focus exclusively on client development and overall firm strategy. The trio will continue to be responsible for their existing areas.
George Loudon, chairman of the board of Altius Holdings, said, “As chairman of Altius Associates, John’s focus will be on strategic direction particularly in developing geographies, as well as client management. The CEO team appointed represents a strong vote of confidence in the current management team, including Jenny Fenton who is a co-founder of the firm with John, Brad Young, who has worked with John for nine years and Eric Warner, who joined the firm in 2011 with a wealth of experience from his career at Mercer as head of EMEA private equity and M&A. The board is confident that these management changes will provide a stable platform on which the firm can move forward.”
Altius currently advises and manages approximately $24bn in private equity and real assets in funds and co-investments for clients based across Europe, North America and Australia.
Copyright © 2013 AltAssets