Less than a week after the WSJ revealed deep turmoil at the iconic, if troubled Och Ziff hedge fund in the form of a growing feud between founder Daniel Och and former star trader James Levin, on Tuesday morning Och-Ziff management, which as of Jan 1 managed $31.9BN in AUM, announced that Robert Shafir, who formerly served as CEO of Credit Suisse Americas will succeed Dan Och as CEO effective February 5, 2018.
As part of the transition, Mr. Shafir will join the Board of Directors on the same date. Mr. Och, the Company’s largest shareholder, will continue to serve as Chairman of the Board through March 31, 2019, after which time he expects to remain involved with the firm.
It is unclear what James Levin‘s fate at Och-Ziff will be following the unexpected change in OZ’s C-Suite.
More details from the press release:
Mr. Shafir, who previously served as the CEO of Credit Suisse Americas and Co-Head of Private Banking &
Wealth Management, will provide day-to-day leadership and management of the Company. He will also be
responsible for the planning and execution of Oz’s strategic direction, financial objectives and client
engagement.
Mr. Och said, “Rob is a world-class executive who will be a great asset to Oz as we continue our evolution as
a firm. His distinguished career of over 30 years leading global financial institutions and asset management
businesses brings unique experience that will benefit Oz significantly. Importantly, having Rob as a dedicated
CEO will enable our nearly 150 investment professionals to continue to focus solely on what they do best—
generating returns for our clients. I am confident this will be a seamless transition and look forward to
building on our strong 2017 results.”
Allan S. Bufferd, Lead Independent Director of Oz Management, said, “We are grateful for Dan’s leadership
over the past two decades and his continued efforts to position Oz for future success. We are thrilled to have
someone of Rob’s caliber join and collaborate with the organization’s deep and experienced management
team to drive the next phase of this storied firm’s development. Rob has exceptional experience growing and
managing a global asset management firm. He has the support of the Board and we are confident that he is a
perfect fit to lead Oz going forward.”
Mr. Shafir said, “Oz Management is an excellent firm with a stellar long-term track record and a robust
institutional infrastructure. Dan has built a leading global asset management organization and I’m honored to
lead the Company as the next CEO. The firm is deeply committed to its investors, employees and
shareholders and I look forward to working with the Board, Dan and all of our employees to continue to
drive value in the years ahead.”
Jimmy Levin, Co-Chief Investment Officer, said, “Oz is a tremendous firm with a talented and creative team
that works each day to identify and execute on the most compelling investment opportunities around the
world. I am excited about the future and look forward to welcoming Rob.”
via RSS http://ift.tt/2nqJif2 Tyler Durden