Wealth management

BlackRock Announces Co-Founder's Departure

Published September 07, 2007, 1:00 a.m. EDT

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Updated September 06, 2007, 6:51 p.m. EDT

1 Min Read

BlackRock Inc. announced Thursday its co-founder, Ralph Schlosstein, will leave the firm.

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Mr. Schlosstein, who co-founded New York's BlackRock 19 years ago with Laurence Fink, will be replaced by Robert Kapito as the company's president.

Mr. Kapito, who joined BlackRock in 1988, is a director and vice chairman of the firm and the head of its portfolio management group. In his new role, which is effective immediately, Mr. Kapito will be in charge of key operating units and report to Mr. Fink, BlackRock's chairman and chief executive officer.

Mr. Schlosstein will stay with BlackRock, which is owned 49% by Merrill Lynch & Co. and 34% by PNC Financial Services Group Inc, as an adviser until early next year to help with the transition.

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