LONDON - Michael Smith, chairman of the European private equity firm CVC Capital Partners, will retire early next year, the firm announced on Monday.
Mr. Smith, who joined CVC in the early 1980s when it was part of Citicorp, will be succeeded by Donald Mackenzie, Rolly van Rappard and Steve Koltes, who will act as co-chairmen of the company.
Mr. Mackenzie will oversee CVC's investment and portfolio committees, while Mr. van Rappard will chair the two private equity boards that control the firm's daily operations. Mr. Koltes will assume Mr. Smith's investor relations duties.
“Having spent 30 years in the business from its origins with Citicorp in the early 1980s through to independence in 1993, and the subsequent development of the business to where it is today, I have decided to retire from CVC in January,†Mr. Smith said in a statement on Monday.
CVC manages capital for about 300 institutional, governmental and private investors worldwide.
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