John Suhler has stepped down as president of Veronis Suhler Stevenson, a firm he co-founded alongside John Veronis in 1981, according to a statement by the firm.
His retirement – effective 31 December, 2012 – was not unexpected, a spokesperson said. Suhler and the firm established a succession plan over the last five years, according to a statement. Fellow co-founder Veronis left the firm in 2010.
Managing partner Jeffrey Stevenson has managed the firm since 2004, the spokesperson said.
“For the past five years, I've been preparing to retire at the end of 2012 with the help of my VSS partners and my family,” Suhler said in a statement. “My journey with VSS from a start-up boutique investment bank with two partners and an assistant to becoming an important, specialised investment fund management company has been a great ride.”
Over the course of his tenure at the helm of VSS, Suhler oversaw the formation of four private equity funds, two structured capital funds and a debt fund, according to the firm. Furthermore, VSS raised approximately $3.1 billion in capital, investing in more than 70 companies.
Suhler will take on the role of chairman emeritus and will continue to represent the firm at industry events.
Last year, VSS set a target for its fifth communications fund between $750 million and $1 billion, two people familiar with the process told Private Equity International at the time.
Suhler's departure has not triggered a key man event on any of VSS' funds, Stevenson told Private Equity International. The firm communicated Suhler's retirement plan to LPs five years ago.