KKR & Co. announced Tuesday that its president and CEO William Sonneborn plans to retire after five years at the firm.
KKR’s board of directors selected Craig Farr, the firm’s global head of capital markets and origination business, to succeed Sonneborn, effective Wednesday. Sonneborn’s reason for retirement was not disclosed.
Prior to joining KKR in 2006, Farr spent 12 years at Citigroup Global Markets in several senior-level positions.
While KKR revealed its disappointment in Sonneborn’s departure, the firm also expressed its gratitude for his contributions, which included helping increase KKR's share price 15 times over in less than five years.
Founded in 1976 by Henry Kravis, George Roberts and Jerome Kohlberg, KKR has expanded beyond its private equity roots into credit, real estate, hedge funds and other alternative investments. It had $78.3 billion in assets under management as of March 31.