By Anjuli Davies
LONDON Dec 5 Apax Partners LLP has elected
Andrew Sillitoe and Mitch Truwit as co-chief executive officers
to replace Martin Halusa, who will become chairman of the
private equity firm.
The pair will take on their new roles in January, with
Truwit based in New York and Sillitoe in London. It will be the
first time Apax has taken on a co-ceo model since the
London-based firm was founded in 1969.
Halusa, 58 who took over from co-founder Ronald Cohen in
2003, will become chairmen until the firm completes investing
its 5.8 billion-euro ($7.86 billion) Apax VIII fund, which it
raised in June.
Since Cohen stepped down, Apax, one of the oldest private
equity firms, put in place a succession process whereby every
three years its partners holds elections to vote on the
leadership of the firm.
The election of Sillitoe and Truwit was unanimous
"Apax's partnership model and consensus driven approach have
served the Firm and all of its stakeholders extremely well over
the past three decades and I believe Andrew and Mitch are
well-qualified and experienced to lead and inspire the next
generation of Apax," Halusa said in a statement.
Sillitoe, 41, joined the firm in 1998 and is a partner in
the technology and telecoms team. He has been involved in the
firm's investments in companies including mobile operator Orange
Switzerland, Inmarsat and Denmark's TDC.
Truwit, 44, joined the firm in 2006 and is a partner in the
Apax services team involved in investments including insurance
brokerage HUB International, Bankrate and Garda.