Blackrock Inc. co-founder, president and director Ralph Schlosstein plans to resign after nearly 20 years with the company, Investment News reports.
Robert Kapito, currently vice chairman and director, will take the helm as president immediately, though Mr. Schlosstein will remain with Blackrock through early 2008 to aid with the transition.
Mr. Kapito is also head of portfolio management and a member of the Blackrock executive and management committees, as well as president of several of the firm’s closed-end investment companies.
As president of Blackrock, he will report to Chief Executive Laurence Fink.