The pair replacing private equity titans Henry Kravis and George Roberts received generous stock awards and pay packages while they were being groomed to take over the firm.
years at KKR.Scott Nuttall and Joe Bae, the successors to Henry Kravis and George Roberts as co-CEOs of private equity giant KKR, have been on parallel tracks to the top for a quarter century at the firm, and they’ve been generously rewarded with stock and carried interest payouts in the process.calculates, with Nuttall boasting an estimated $1.2 billion fortune and Bae’s net worth sitting at $1.1 billion.
effective immediately in a press release Monday, with Kravis and Roberts stepping back from the $430 billion firm they cofounded with Jerome Kohlberg in 1976.estimates Roberts, 78, is worth $9.1 billion and Kravis, 77, is worth $8.6 billion. A spokesperson for KKR declined to comment on these estimates.
A generation younger, Nuttall and Bae each joined KKR in their early 20s in 1996 after brief stints at Blackstone and Goldman Sachs, respectively. Both were named co-presidents in 2017, cementing the firm’s succession plans. “We have spent virtually our entire careers at KKR because Henry and George are visionaries who not only shaped the business world but created a really special firm,” Nuttall and Bae said in a. “We are fortunate to have learned from and been mentored and inspired by two of the world’s most innovative investors of all time.”
Nuttall, 48, rose up the ranks at KKR to lead its global capital and asset management division, and he spearheaded its 2010 initial public offering. He has also served on the board of financial services firm Fiserv since its $22 billion acquisition of KKR-backed First Data Corp. in 2019. Bae, 49, led the firm’s expansion into Asia and serves on all of its private markets investment committees.
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