New York, January 26, 2011 – Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”) today announced the appointment of James W. Owens as a Senior Advisor to the Firm and a member of KKR’s Portfolio Management Committee. Mr. Owens is the former Chairman and Chief Executive Officer of Caterpillar Inc.
Henry R. Kravis and George R. Roberts, Co-Founders, Co-Chairmen, and Co-Chief Executive Officers of KKR, said, “During Jim’s exceptional tenure as CEO of Caterpillar, he led the company in achieving rapid growth and successfully navigated Caterpillar through the recent economic recession. We will benefit greatly from both his depth of experience in the industrial sector and his recognized leadership on global economic issues as we pursue new investments and support our existing portfolio companies.”
“KKR is a premier alternative asset manager with an outstanding leadership team I have gotten to know well over the course of my career,” said Mr. Owens. “I am honored to offer my knowledge and counsel to the Firm as an active member of the Firm’s Portfolio Management Committee.”
Mr. Owens was named Chairman and CEO of Caterpillar in 2004 after spending his entire career at the company. From 2004 to 2008, he grew revenue from $22.8 billion to $51.3 billion. Despite the global economic recession, Caterpillar maintained profitability throughout 2009. Mr. Owens retired in 2010 after 38 years of service, starting with his first job as Corporate Economist and including, from 1995 to 2003, the position of Group President responsible for Component Products and Control Systems, Human Services, Latin America, Logistics, Product Support, and Systems and Processes.
Mr. Owens serves on the boards of directors of Alcoa, IBM, and Morgan Stanley. He is also a board member of the Council on Foreign Relations and Chair of the Executive Committee of the Peterson Institute for International Economics. Mr. Owens is a member of The Business Council and a trustee of North Carolina State University. He also serves on the President’s Economic Recovery Advisory Board. Mr. Owens holds a B.S. and M.S. in Textile Technology and a Ph.D. in Economics from North Carolina State University.
KKR’s Senior Advisors are part of the Firm’s integrated model of value creation. They include current and former senior executives who bring unique leadership skills to complement the work of KKR investment professionals and the operational executives at KKR Capstone, and serve as liaisons to manage relationships with current and future investment partners.
KKR has been an active investor in the industrial sector for over 30 years and has invested more than $6 billion of equity capital leading or supporting transactions with a total enterprise value in excess of $38 billion. A complete list of KKR investments can be found on KKR.com
Founded in 1976 and led by Henry Kravis
and George Roberts
, KKR is a leading global alternative asset manager with $55.5 billion in assets under management as of September 30, 2010. With over 650 people and 14 offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platforms. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional information, please visit KKR's website at www.kkr.com
Peter McKillop/Kristi Huller