Shares of Ares Management LP (ARES) plunged 6.66% in the pre-market session on Wednesday, following the company's announcement of significant leadership changes.
The alternative investment manager appointed Kipp deVeer and Blair Jacobson as Co-Presidents, effective immediately. Both executives will transition from their current roles in the Credit Group to take on broader strategic and operational responsibilities across the firm.
In a related move, Ares Capital Corporation (ARCC), which is externally managed by Ares, announced that Kipp deVeer will step down as CEO on April 30th, 2025. Kort Schnabel has been named as the incoming CEO of Ares Capital, while Jim Miller will continue as President.
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