Blackstone Names Chae CFO; Solotar to Head New ProductsDevin Banerjee
Blackstone Group LP said Michael Chae will be chief financial officer, following the resignation of Laurence Tosi.
Tosi, who accepted the CFO position at home-sharing startup Airbnb Inc., will leave New York-based Blackstone on Aug. 7, the alternative-asset manager said Friday in a regulatory filing. Chae is Blackstone’s head of international private equity and a senior managing director.
“After seven terrific years during which he helped transform the firm from a small partnership to a premier global institution, Laurence Tosi has decided to move to a new leadership position with one of the rising stars of Silicon Valley,” Blackstone Chief Executive Officer Steve Schwarzman and President Tony James wrote in a letter to employees attached to the filing. “We will miss him, but respect his desire to run something himself.”
The firm also named Joan Solotar as head of multi-asset investing and external relations, a role in which she’ll develop new investment offerings for wealthy individuals and institutional clients. The former Bank of America Corp. research executive joined Blackstone in 2007 and was most recently head of external relations and strategy.
“We expect this to be a major growth area for the firm,” Schwarzman and James wrote of the new-products group. “Healthy change sustains the vitality of an organization.”
Chae joined Blackstone in 1997 from Carlyle Group LP. Since then, he’s worked on Blackstone’s investments in Nielsen NV, Michaels Stores Inc., Weather Channel LLC and Hilton Worldwide Holdings Inc., which became the most profitable private equity deal ever. His roles have included overseeing media and telecom buyouts, helping manage investments in the firm’s tactical opportunities fund, heading private equity in Asia-Pacific and helping structure Blackstone’s spinoff of its merger advisory business.
“Michael has worked across and closely with nearly all of our businesses, geographic regions, and corporate functions,” Schwarzman and James wrote.
Blackstone fell for the third consecutive day, dropping 2.9 percent to $38.58 at 1:24 p.m. in New York.