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.
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.
Source : Company