K.K.R.’s co-chiefs, Henry Kravis and George Roberts, step down.

Mr. Kravis and Mr. Roberts are also ceding voting control. Alongside the management moves, K.K.R. is simplifying its corporate governance and will eliminate preferred shares for Mr. Kravis and Mr. Roberts, moving to one-vote-per-share on all matters — including board elections — at the end of 2026. That is in contrast to rivals like Blackstone, where its founder, Steve Schwarzman, maintains significant control. Apollo said earlier this year that it would move to a one-share-one-vote structure after revelations about ties its founder, Leon Black, had to Jeffrey Epstein, which led Mr. Black to step down earlier than expected.

Other leadership transitions are afoot at buyout groups. Carlyle’s co-founders, David Rubenstein and William Conway, appointed Glenn Youngkin and Kewsong Lee as co-chief executives in 2017. (Mr. Youngkin resigned last year and is running for governor of Virginia.) Mr. Schwarzman is still at the helm of Blackstone, with an heir apparent, Jonathan Gray, serving as the firm’s chief operating officer. TPG has been reshuffling its ranks in advance of an expected I.P.O.

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