Blackstone CEO Stephen Schwarzman says he doesn't understand why companies pit execs against each other in succession battles, and tells us why he kept his next-in-line a secret for more than a year
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The Blackstone founder also said he thinks it's counterproductive for companies to set up a public competition between senior executives in order for one of them to win the role. DAVOS, Switzerland – A cohort of private equity executives are getting ready to hand over control to the next generation, and Blackstone CEO Stephen Schwarzman has advice for other firms about how they should go about it.
Gray shadowed James and Schwarzman, and took a more active role in promotion and compensation decisions for two cycles before stepping into the role, Schwarzman said. Since taking the reins, Gray has taken on a more public-facing role at Blackstone, recently starring as the Blackstone version of The Office's Michael Scott in"We figured Jon needed at least a year, or maybe two years, of training," Schwarzman said.
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