Wilbur Ross, who founded distressed investor WL Ross & Company in 2000, will step down from his role as leader of the firm, according to a statement.
Ross will continue to act as the firm’s chairman, chief strategy officer and a member of the investment committee, but will hand over responsibilities for day-to-day operations to senior managing directors Stephen Toy and Greg Stoeckle. Both executives will assume the new roles on 1 May and will continue to be based in New York.
Toy is the chairman of WL Ross’ investment committee and has been with the firm since its inception. Stoeckle joins the firm from WL Ross’ parent company Invesco Advisers, where he has acted as president and managing director of the bank loans business.
“In recent years, we have been evolving toward second generation management,” Ross in the statement. “With Stephen leading the investment side of our business and Greg in charge of all the other aspects, I will now have more time to devote to developing and implementing the macro strategies that always have been central to our portfolio decisions.”
WL Ross closed its fifth turnaround fund on $2.2 billion in June of 2012. The firm makes distressed investments in the energy, financial services, healthcare, heavy materials and transportation sectors and has more than $7 billion of assets under management.
WL Ross was sold to investment manager Invesco in 2006. Prior to founding the firm, Ross led the bankruptcy advisory practice at Rothschild.