Memo: Moran leaving Blackstone GroupApril 19, 2012: 9:33 AM ET
Blackstone loses private equity exec
FORTUNE -- Private equity executive Garrett Moran is leaving The Blackstone Group (BX), as first reported by Bloomberg. No formal statement from the firm, but Fortune has obtained an internal memo signed by Stephen Schwarzman. It reads:
Please join me in conveying our best wishes and thanks to Garrett Moran, who has decided to retire from Blackstone as of June 30. Garrett joined us seven years ago as the COO in our Private Equity group just as we launched the investment period for the $21 billion BCP V Fund and opened new offices in Mumbai and Hong Kong. During his tenure, Private Equity's Operations Group blossomed into a powerful competitive edge for the firm and we built critical management infrastructure for our increasingly complex global business, something that Garrett was well suited to lead. Garrett also spearheaded the development and expansion of Blackstone's cutting edge CSR initiatives - environmental sustainability, employee wellness and human capital.
We will miss Garrett's irascible, fun loving presence on our investment committee and the experience and perspective he gained over many years in the deal business. But more than anything, we will miss Garrett's commitment to always doing the right thing, his generosity and his integrity. In these, he sets the standard against which all others are measured.
Garrett has told us that he plans to take a long summer vacation and then get back to full-time work somewhere in the non-profit or public service sectors. Please join me in wishing Garrett good luck and best wishes.
No word yet on who, if anyone, will succeed Moran a COO of private equity.
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