Jay Wintrob Named CEO Of Oaktree Capital Group
October 7, 2014 at 4:45 AM (PT)
OAKTREE CAPITAL GROUP, the investment firm that has stakes in several broadcasters including control of TOWNSQUARE MEDIA and TRITON DIGITAL and stakes in CUMULUS MEDIA and TRIBUNE, has named former AIG executive JAY WINTROB as CEO, starting NOVEMBER 1st. OAKTREE has previously not had a CEO position; WINTROB has been a member of OAKTREE's board since 2011.
The company also named Pres./Chief Investment Officer BRUCE KARSH as co-Chairman with co-founder HOWARD MARKS and Managing Principal JOHN FRANK as Vice Chairman.
MARKS said, “After nearly 20 years, including the last two-and-a-half as a public company, OAKTREE has expanded substantially in terms of assets, employees, breadth and complexity. It’s time for us to turn to a world-class financial services executive to take our business to the next level. We are thrilled that JAY has agreed to take the helm, bringing to OAKTREE his intimate familiarity with our business, vast experience managing large and complex financial services companies, and a record of leading highly motivated and talented professionals serving their clients.”
KARSH said, “I’ve known JAY WINTROB for over 30 years, both personally and professionally, and he’s a superb fit with OAKTREE. JAY has been a valuable contributor to our Board over the last few years, and he understands and appreciates our core investment philosophy and distinctive culture. He brings a unique combination of continuity and fresh thinking to the role of OAKTREE CEO. We’re confident he will add tremendous value to our business from day one and play a key role in the firm’s long-term growth and development.”
WINTROB said, “I have long admired the quality and strength of OAKTREE’s business, the firm’s integrity, and its exceptionally talented professionals. The firm has an outstanding record of investment performance, thanks to its collection of investment talent that is second to none. I look forward to working with HOWARD, BRUCE, JOHN FRANK and the entire OAKTREE team as we build on the firm’s success in the years ahead.”
FRANK added, “I’ve known and worked with JAY in his capacity as a member of our board of directors, and I’m delighted we’ve attracted him to OAKTREE. I very much look forward to working with him as part of the firm's senior management in the years ahead.”