Its official: The Presidio Group, the $3.5 billion San Francisco-based wealth management firm, has named Karl Schade CEO.
The change will take effect on Jan. 1.
As Financial Planning reported last week, Presidio has been regrouping since co-founder and chief executive Brodie Cobb suffered a devastating bicycle accident last year. Schade, a managing director and head of the firms private equity group, was named interim CEO earlier this year. Several key executives have left the firm in the wake of Cobb's accident; meanwhile, the firm lured veteran BlackRock executive Celine Colgan to jumpstart Presidios business development efforts.
In an interview last week, Cobb said he would become executive chairman of the firm next year, making room for Schade to become permanent CEO. Managing the firm day-to-day doesnt afford me the time to devote to what I do best for Presidio, Cobb said in a statement. I want to focus my efforts on client relationships, new business opportunities, and special firm projects.
Schade joined Presidio in 2007 to launch the firms first private equity fund, which focuses on mid-market technology-enabled services, gaming and financial services companies. He previously was a private equity investor with Blum Capital Partners, Silver Lake Partners, and The Blackstone Group.
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