Blackstone executive Vice Chairman Hamilton James to step down

Dec 2 Reuters- Blackstone Inc told its employees on Thursday that Executive Vice Chairman Hamilton Tony James, a key contributor to the firm's rise to become the world's largest alternative asset manager.

James, who joined Blackstone in 2002 as president and chief operating officer, led the firm's initial public offering and acquisitions of its $178 billion credit business, previously known as GSO, as well as its secondaries arm, Strategic Partners. He also helped establish Blackstone's $34 billion tactical opportunities division.

During his tenure, Blackstone Chief Executive Stephen Schwarzman said in a memo to employees that he helped transform and institutionalize the firm.

In 2018 James, 70, handed over his roles as Blackstone president and chief operating officer to Jonathan Gray. Schwarzman is now heir apparent.

By beginning the conversation around succession well before his intended exit, Tony gave us the gift of time, according to Schwarzman in the memo.

Prior to joining Blackstone, James spent more than two decades as an investment banker at Donaldson, Lufkin Jenrette, which was later acquired by Credit Suisse First Boston in 2000.

James is a prominent donor to Democratic candidates. He turned down an offer to join U.S. President Barack Obama's cabinet as commerce secretary in 2012, according to a report by Reuters.

James sits on the boards of several charities, including the Wildlife Conservation Society, Mount Sinai Hospital System, and the Metropolitan Museum of Art. He is also the chairman of the Costco Wholesale Corporation.