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Billionaire Wilbur Ross to step down as PE firm CEO amid succession planning

26 Mar 2014

wilbur-rossBillionaire investor Wilbur Ross plans to step down as chief executive of the private equity firm he launched in 2000 as he moves to put a succession plan in place for the business.

The 76-year-old has named Stephen Toy and Greg Stoeckle as senior managing directors and co-leaders of WL Ross & Co according to Reuters.

It said Ross would remain as chairman and chief strategy officer of the firm, which is a unit of asset manager Invesco.

Ross said in a statement that the move was part of the firm’s evolution in recent years “toward second generation management”.

He said, “I will now have more time to devote to developing and implementing the macro strategies that always have been central to our portfolio decisions.”

Toy, who is currently chairman of WL Ross’ investment committee, has been with the firm since it was founded almost 15 years ago.

Stoeckle joins from Invesco where he was president and managing director of its bank loan business.

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