- Winkelried (not pictured here) walked away from Goldman Sachs in 2009.
- Rocpoc via Flickr
Private-equity giant TPG is hiring former Goldman Sachs copresident Jon Winkelried.
The firm announced on Wednesday that Winkelried would become co-CEO along with cofounder Jim Coulter in November.
Winkelried was one of the most senior executives at Goldman Sachs during the financial crisis and was touted as a possible replacement for chief executive Lloyd Blankfein.
He was copresident and co-COO of the investment bank along with Gary Cohn. Then in 2009, at the age of 49, he unexpectedly stepped down.
He was later referred to as “the man who walked away from Goldman Sachs” in a 2010 Fortune article by William D. Cohan.
Winkelried has kept a relatively low profile since. He signed on as an adviser to TPG’s credit funds in 2011 and earlier this year invested in Orchard Platform, a technology and infrastructure provider for marketplace lenders.
He also developed a passion for ranching, according to the Fortune profile.
Bloomberg reports that Winkelried entered into talks with TPG about the co-CEO role in June.
TPG manages $74 billion in private-equity holdings, credit assets, real estate, and hedge funds, according to the report.
It was cofounded in 1992 by Coulter, William S. Price III, and David Bonderman, who is now chairman.
Today it is one of the largest private-equity firms in the world.
Here’s the press release from TPG:
Fort Worth and San Francisco – October 28, 2015 – TPG, a leading global alternative asset firm, announced today that it has named Jon Winkelried Co-Chief Executive Officer of TPG Holdings. Winkelried will work alongside TPG Co-Founder and current Chief Executive Officer Jim Coulter. David Bonderman, who co-founded TPG with Coulter, will continue in his role as Co-Founder and Chairman of TPG.
Winkelried, who previously served as the President and Co-Chief Operating Officer of Goldman Sachs, brings to TPG significant experience in helping build, manage and lead one of the world’s leading financial institutions. During his 27-year tenure at Goldman Sachs, Winkelried held various senior roles including co-head of the firm’s Investment Banking division, co-head of Fixed Income, Currency and Commodities (FICC) division, and head of the firm’s Leveraged Finance business.
“Jon brings experience, insights and creativity to TPG as we continue our evolution as a firm,” said Coulter. “During the past 23 years, TPG has built a worldwide alternative asset platform, differentiated ourselves as an industry leader in products, industries and geographies, and created new and dynamic opportunities for our investors. As we enter our next era of growth, Jon’s track record of building great investment businesses will be fundamental.”
“As we operate in this increasingly complex environment, it is important to have strong leadership,” said Bonderman. “The combination of Jim and Jon brings together complementary skill sets that will benefit our firm greatly. I look forward to working with them both to achieve future success at TPG.”
“I have always admired TPG under Jim’s and David’s leadership and, as an advisor to TPG Special Situations Partners, have had the opportunity to grow closer to the firm,” said Winkelried. “Building on the momentum, expanded platform, and significant talent, I am excited about the opportunity to be part of TPG’s next era.”
Winkelried will assume his role in early November and will be based in TPG’s San Francisco office.