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TPG co-founder James Coulter has resigned from his post of chief financial officer, leaving Jon Winkelried, a former Goldman Sachs bank employee who has been involved in a major role since 2015, managing the $ 91bn group.
In reorganization, by changing the most recent power in the financial sector, the 61-year-old Coulter will become TPG’s chief executive. His billionaire friend, David Bonderman, is still in office.
Winkelried, also 61, is doing a very good job of helping to run the company during the reconstruction, following a number of challenges during the financial crisis.
He joined six years after leaving Goldman in 2009 at the peak of his career in banking where he became acting chief executive and president.
“I joined TPG because I fully believe the TPG team’s ambitions to make the company a viable alternative to finance,” Winkelried said Monday.
The TPG acquisition was embarrassed by the failure of Washington Mutual, which was seized by bankers in 2008, just months after TPG paid $ 1.35bn.
Other failed bets included huge investments in the electronics company TXU and the casino team Caesars Entertainment, which later started banking.
But TPG has long been known as an investor in modern running companies, benefiting from high prices in companies such as Uber and Airbnb before they are ready for the public market, and re-creating other aspects of its business.
In addition to his oversight role, Coulter will work with TPG to finance the weather, along with Hank Paulson, former US Treasurer General.
The goal is to be the latest in a series of TPG funds that measure their success in terms of social status and how they reimburse. This came as a shock when Bill McGlashan, a naval chief who developed this in collaboration with rock star Bono, was forced out of the group after being accused of wrongdoing in the US Corruption scams in college.
The founders of billions of rival anti-peer groups are struggling to prepare new leaders for their relentless pursuit of the more affluent groups.
Change did not always work out.
Marc Rowan, founder of Apollo Global Management, suddenly played a key role in the group earlier this year after revealing economic ties between his predecessor Leon Black and sex rights activist Jeffrey Epstein.
Glenn Youngkin, who was elected Co-Chief Executive of The Carlyle Group in 2018, stepped down at the end of last year.
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