Jon Gray Named President and Chief Operating Officer of Blackstone
February 13 2018 - 11:00AM
Business Wire
Tony James Named Executive Vice
Chairman
Blackstone (NYSE:BX) announced today that Tony James, President
and Chief Operating Officer, will be handing over day-to-day
management of the firm to Jon Gray, Global Head of Real Estate. Mr.
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 Chief Executive Officer. Mr.
Gray will become President and Chief Operating Officer also
reporting to Mr. 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 Mr. Gray.
Said Mr. James: “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.”
Mr. Gray came to Blackstone in 1992 straight out of college. He
started in the private equity and mergers and acquisition areas of
the firm before joining the real estate group at its inception. He
has led this area since 2005, helping build the world’s largest
real estate business with more than $115 billion of investor
capital. Blackstone Real Estate has delivered outstanding
performance for investors and grown to be the industry leader in
opportunistic, core plus and debt investing across the US, Europe
and Asia. Real Estate has accounted for half the firm’s earnings in
the last several years. Mr. Gray sits on Blackstone’s Board of
Directors and Management Committee, playing a critical role in
firm-wide management, strategy and decision-making.
Commenting on the appointment of Jon Gray, Mr. Schwarzman said:
“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.”
“I have spent my entire career at Blackstone and could not be
more proud to be part of this firm,” said Jon Gray. “Despite our
tremendous success to date, I am quite excited about the
opportunity to continue to innovate for both our investors and
shareholders. I look forward to working closely with Steve, Tony
and our immensely talented team to help lead this growth while
maintaining the highest standards of integrity and investment
discipline.”
Mr. James joined Blackstone in 2002 as Vice Chairman and Chief
Operating Officer and assumed the title of President in 2006 upon
the retirement of co-founder Peter G. Peterson. Major initiatives
led by Mr. James include the firm’s IPO, the acquisitions of GSO
and Strategic Partners, the spin-off of the firm’s advisory
business into PJT Partners, and the founding of Blackstone's
Tactical Opportunities, Core Private Equity, Infrastructure,
Insurance Solutions and retail initiatives. 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.
Commenting on Tony James’ new position as Executive Vice
Chairman, Mr. Schwarzman said: “Tony James has had a bigger impact
on Blackstone than anyone in the firm’s history. Since he joined,
he has been instrumental in evaluating fund investments and
conceptualizing and implementing numerous growth initiatives,
expanding AUM many times over, and delivering industry-leading
investment performance. He has put in place the internal processes
that are the bedrock of the institutionalization of our firm. He is
indefatigable, and a superb leader with unimpeachable integrity. I
could not be more pleased that Tony wants to stay fully engaged at
Blackstone.”
REAL ESTATE APPOINTMENTS
As the new Global Co-Heads of Real Estate, Ken Caplan and
Kathleen McCarthy have extensive experience with every aspect of
the Real Estate business and have helped oversee its major
functions. Jon Gray will remain Chairman of the Real Estate
Investment Committee and will continue to spend considerable time
working with Mr. Caplan and Ms. McCarthy to help ensure the group
maintains its strong growth trajectory and investment track
record.
Mr. Caplan currently serves as a Senior Managing Director and
Global Chief Investment Officer of the Real Estate group. He is
another senior leader who has spent nearly all his career at the
firm, having joined Blackstone in 1997. During his 21 years at
Blackstone, he has been involved in over $100 billion of real
estate acquisitions globally. Mr. Caplan spent several years in
Blackstone’s London office, serving as Head of Real Estate
Europe.
Ms. McCarthy currently serves as a Senior Managing Director and
Global Chief Operating Officer of Blackstone Real Estate. She is
responsible for the real estate business’s day-to-day operations
with a particular focus on its investors, capital raising and
business development efforts across new investment
products. She has been in real estate her entire career,
joining Blackstone in 2010 after a decade in real estate
investments and mergers and acquisitions.
“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 Jon Gray. “They are excellent investors
and operators with remarkable judgment, capable of driving the
group to new heights.”
Today, Blackstone oversees the largest global real estate
investment business, having produced outstanding
performance for a quarter century. Notable transactions and
vehicles include: Equity Office, Hilton Worldwide, Logicor, GE
Real Estate, India Office, Invitation Homes, Stuyvesant Town, as
well as the creation of Blackstone Mortgage Trust (NYSE:
BXMT), Blackstone Real Estate Income Trust (BREIT) and
Blackstone Property Partners.
ABOUT BLACKSTONE
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with over $430 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Further information is
available at www.blackstone.com. Follow Blackstone on Twitter
@Blackstone.
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