Business Context and Reporting Period
This Form 8-K filing by The Blackstone Group L.P. (Blackstone) reports a corporate governance event dated June 6, 2018. The filing concerns the departure of a senior officer and the appointment of a successor within the firm's management structure.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the leadership transition in the accounting function:
- Departure: Kathleen Skero, Principal Accounting Officer of Blackstone Group Management L.L.C., provided notice of her retirement effective June 30, 2018.
- Appointment: Christopher Striano, age 43, will be appointed Principal Accounting Officer upon Ms. Skero's retirement.
Management Commentary and Risks
Mr. Striano is a Senior Managing Director with extensive experience at Blackstone since 1998. His responsibilities include:
- Overseeing the Global Fund Accounting group, corporate accounting, and accounting policy.
- Providing supervisory oversight for the Private Equity segment, including operations, portfolio company valuations, tax, and financial reporting for Private Equity, Tactical Opportunities, and Infrastructure funds.
- Running the Portfolio Management Program.
- Previously serving as Head of Financial Planning and Analysis, managing global forecasts, strategic planning, and ratings agency relationships.
Mr. Striano holds a B.S. in Accounting with a minor in Finance from St. John's University. Like other Blackstone personnel, he invests in and alongside Blackstone's funds.
Investor Verification Checklist
- Confirm the effective date of Kathleen Skero's retirement (June 30, 2018).
- Verify Christopher Striano's official appointment as Principal Accounting Officer.
- Review the firm's Annual Report on Form 10-K for details on employee investment policies mentioned in the filing.