Blackstone (BX) announced 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.
Gray came to Blackstone in 1992 straight out of college. He started in the private equity and mergers and acquisition areas of the firm before joining the real estate group at its inception. He has led this area since 2005.
Mr. James joined Blackstone in 2002 as Vice Chairman and Chief Operating Officer and assumed the title of President in 2006 upon the retirement of co-founder Peter G. Peterson. Major initiatives led by Mr. James include the firm's IPO, the acquisitions of GSO and Strategic Partners, the spin-off of the firm's advisory business into PJT Partners, and the founding of Blackstone's Tactical Opportunities, Core Private Equity, Infrastructure, Insurance Solutions and retail initiatives.
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