US PRIVATE equity giant KKR yesterday lost one of its top lieutenants after specialty finance boss Bill Sonneborn announced his retirement at the age of 43.
Sonneborn, a Goldman Sachs M&A alumni, heads KKR’s asset management unit and is also chief executive of its publicly listed subsidiary KKR Financial Holdings (KFN), which invests in corporate loans and securities. He joined the firm at the height of the credit crisis in 2008.
KFN said yesterday Craig Farr, its head of capital markets and a former investment banker from Citigroup, would take over as chief executive. Sonneborn will remain as a part-time KKR adviser.
The group announced the departure to coincide with KFN’s second quarter earnings release, covering the period until the end of June, which showed an $8m jump in net income to $79.2m.