Todd Sisitsky, president of TPG, abruptly left the alternative asset manager earlier this month after 23 years at the firm, apparently frustrated by CEO Jon Winkelried's decision to retain the company's reins, according to a media report on Friday. The heir apparent to the 66-year-old Winkelried had wearied of waiting for a chance to take over, Bloomberg News reported, citing people familiar with the matter. A few days after Sisitsky left TPG, Wall Street rival CVC Capital Partners announced that he would become its co-CEO, along with CVC President Peter Rutland, by Q1 2028 as Rob Lucas steps back from the CEO role. Winkelried has good reason to hold on, as he stands to reap almost $500M in bonus compensation if he stays and the stock rebounds. TPG hasn't yet told key backers who will replace Sisitsky or how the firm will revamp its succession plan, the people told Bloomberg.
TPG IncTPG's president and heir apparent abruptly exits, leaving succession plan in disarray and key backers uninformed.
CVC Capital Partners PLCCVC Capital Partners lands TPG's departing president Todd Sisitsky as its future co-CEO, strengthening its leadership bench.
