Kohlberg Kravis Roberts has taken steps to transfer some of the firm’s management responsibilities from co-founders Henry Kravis and George Roberts to Michael Michelson and Alexander Navab.
Michelson and Navab have been appointed to the newly created positions of co-heads of North American private equity. They will report directly to Kravis and Roberts.
Michelson is based in the firm’s Menlo Park, California, office and runs KKR’s healthcare industry team. He joined KKR in 1981 and sits on the investment committee. Navab, who works out of the firm’s New York office, heads up KKR’s North American media and communications industry team. He joined the firm in 1993 and also sits on the investment committee.
KKR, which ranks fourth in the PEI50, has been growing and expanding into new business lines like infrastructure and asset management as it prepares to go public next year. The creation of new roles for Navab and Michelson is simply a way to organise the growing firm, a KKR spokesman said.
In September, KKR appointed Yoshiharu Fukuhara as a senior advisor for its Japan activities to target investment opportunities in the area.