First Reserve appoints new co-CEO

In line with First Reserve’s long-term succession plan, Alex Krueger was appointed as the company’s new co-CEO and president on Monday.

First Reserve appointed Alex Krueger as co-CEO and president on Monday. The appointment falls in line with plan of succession discussions that began in 2008

Krueger will share leadership of First Reserve with Chairman and William Macaulay, who has led the company since its first launch in 1983.

“Alex has proven himself to be not only an astute, driven and accomplished investor but also a leader within the First Reserve organization,” said Macaulay. “He has tremendous support from all levels within the firm and continues to be the driving force behind our culture of excellence. It has been my pleasure to see his development through an already impressive tenure at First Reserve, and I am proud to share the Chief Executive Office with him as we continue to work in partnership to drive performance on behalf of our investors.

Krueger's experience includes 16 years working with First Reserve, where he most recently helped lead a private equity portfolio with assets under management valued at $17 billion. In that role, his responsibilities included development and management of First Reserve's private equity investment team, and he sat on investment committees for both the private equity and energy infrastructure portfolios.

Internally, Krueger is credited with driving expansion of First Reserve's London office and spearheading some of its most successful investments, according to a company release.

Prior to joining First Reserve, Krueger worked in the Energy Group at Donaldson, Lufkin and Jenrette. He holds two Bachelor of Science degrees – one in chemical engineering and the other a Wharton School degree in finance and statistics – from the University of Pennsylvania

“The energy business is a complex one which requires both specialized knowledge and a broad network of industry contacts to navigate. In my experience, First Reserve's global reach and energy thought leadership is unparalleled in the private equity business, and it has been my privilege to see the firm distinguish itself in this regard,” Krueger said. “Our approach over the last three decades, as originally set by our founders Bill Macaulay and John Hill, has remained steadfastly unchanged: a commitment to our stakeholders and a fundamental approach to building value by building companies

“I am both honored and excited to maintain this standard of excellence as we drive through the next three decades and beyond.”