First Reserve founder Macaulay hands reins to Krueger

William Macaulay, chairman and co-chief executive of energy-focused private equity firm is stepping down from his post, according to a statement.

Alex Krueger, co-CEO and president, will become the sole CEO and president of First Reserve, effective 1 July.

Macaulay co-founded one of the world’s largest energy and infrastructure firms, with about $31 billion under management, in 1983 together with John Hill. The firm has completed over 600 transactions including bolt-on acquisitions spanning the energy spectrum, from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure.

Macaulay will remain actively involved in First Reserve as chairman and continue to chair its private equity funds' investment committee, but will pass on sole day-to-day responsibilities to Krueger, who is currently co-CEO and president of the firm.

Krueger has been with the firm for 18 years, joining its private equity team in 1999 as an investment associate. He eventually led First Reserve’s buyouts team in 2011 where he oversaw the development and management of the private equity investment team, from investment origination, structuring, execution, monitoring and exit strategy across the global energy industry. In his current role, he is responsible for overall management of the firm, and sits on both the private equity and infrastructure funds' investment committees.

He was named president and co-CEO alongside Macaulay in 2015.

Prior to joining First Reserve, Krueger worked in the energy group of Donaldson, Lufkin & Jenrette in Houston,

First Reserve gathered $3.4 billion for its 13th flagship private equity fund in 2015, significantly lower than its $6 billion target. US public pensions including the Virginia Retirement System, California Public Employees' Retirement System and Washington State Investment Board backed the fund.