NEW YORK: Blackstone Group LP said on Tuesday that Jonathan Gray, who turned the buyout firm into the world's biggest real estate investor as head of its property business, will take over from Tony James as president, setting him as successor to Chief Executive Stephen Schwarzman.
Gray, who was already widely recognized internally as heir apparent to Schwarzman, will become president and chief operating officer and James will stay on as executive vice chairman. Both will report Schwarzman, Blackstone's co-founder.
Blackstone also said in a statement that Ken Caplan and Kathleen McCarthy have been named global co-heads of real estate, succeeding Gray.
(Reporting by Joshua Franklin in New York; Editing by Ian Simpson)