Blackstone, an asset management group in the United States of America, has chosen Jon Gray as the new president of the company.
Gray is the global head of real estate at the company which has its headquarters in New York. He has managed the arm since 2005, with real estate being able to contribute over half the earnings of the firm in the past several years.
Tony James, the current president and chief operating officer of Blackstone, is set to hand over the controls to his successor and will be transferred to a new role in the company. He is said to become the executive vice chairman of the firm.
“I have had a wonderful 15 years at Blackstone so far and still savour every minute of it,” James stated. “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.”
Today, the shares in Blackstone were slightly down following the news that James would step down from his role as the president.
Stephen A. Schwarzman, the co-founder and CEO of Blackstone stated that James “had a bigger impact on Blackstone than anyone in the firm’s history.”
Schwarzman stated: “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.”