Highbridge Succession Plan Mostly Just A Pat On The Back For New CEO

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Sure, Glenn Dubin won't be CEO of the former Dubin & Swieca Capital Management anymore. What exactly that means is unclear, but the newly-minted chairman of the firm seems to think it means more or less nothing.

"In no way am I leaving the firm, and in no way am I retiring or semiretiring," he said. "My day job has teeth….I'm going to go to the office every day, I've got a big bulk of my personal capital invested in Highbridge funds."

We're certain all of that is very reassuring to the new guy, though less reassuring to the guy who wrongly though he'd be the new guy and now kind of is, just at a different firm.

Scott Kapnick, whom Mr. Dubin brought in from Goldman Sachs Group Inc. in 2007 to start Highbridge's private-equity business, will succeed Mr. Dubin as chief executive. A former co-head of Goldman's investment bank, Mr. Kapnick, 54, built Highbridge's private-equity business to more than $14 billion.

Highbridge President Todd Builione, who was once seen as a candidate to succeed Mr. Dubin, will join the private-equity firm KKR & Co. to help expand its hedge-fund business, Mr. Builione and KKR said.

A person familiar with the matter said the timing of Mr. Builione's departure was coincidental and that KKR had approached him months ago.

Dubin Gives Up CEO Role at Highbridge [WSJ]

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