First Reserve names Krueger president

Just weeks after promoting several of its team members to managing director, First Reserve has appointed London managing director Alex Krueger president of the firm.

Alex Krueger has been appointed president of First Reserve Corporation in a move the firm has dubbed “the next milestone in its senior management succession plan”. 

While Krueger’s appointment is part of the firm’s senior management succession plan, chief executive officer William Macaulay’s role will not be changing, the firm said.

Macaulay has been planning for his succession for some time. In an exclusive 2004 interview with Private Equity International, a former official with longtime limited partner the California State Teachers’ Retirement System cited Macaulay’s ability to attract strong management teams, ensuring that his succession will go smoothly when he decides to leave the firm.

Macaulay has been with the firm since its launch in 1983. The private equity veteran had previously been at Oppenheimer & Company, which he joined in 1972, where he worked as director of corporate finance and was responsible for investing capital in the asset class.  

Krueger joined First Reserve 13 years ago, and was most recently a managing director in the firm’s London office, according to a release. He had previously been the co-head of the firm’s buyout funds as well as handling the firm’s mining strategy, according to a statement. 

Prior to joining First Reserve, Krueger worked in the energy group at Donaldson, Lufkin and Jenrette.

The firm has made a significant number of promotions in recent months to expand its management team. In February, the firm promoted five members of its team to the post of managing director, including three in its London office. First Reserve also appointed its first chief operating officer, former GE Oil & Gas chief executive Claudi Santiago, who also joined the firm’s London office.

Founded in 1983, First Reserve has raised $29.1 billion since its inception. The firm typically focuses on investments in the energy and infrastructure sectors.