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The Blackstone Group today announced that longtime real estate investment chief Jon Gray will assume day-to-day management of the firm, becoming its president and COO. He succeeds Tony James, who will transition to an executive vice chairman role.

Bottom line: This seems to solidify Gray as Blackstone's next CEO, if and when Steve Schwarzman decides to spend more time in St. Tropez than in Manhattan.

Go deeper: Private equity giants consider a structural change

Private equity giants consider a major change

Blackstone Group puts Jon Gray in charge of day-to-day management

More evidence that Gray is the CEO-in-waiting.

Blackstone Group's Jon Gray. Photo by Drew Angerer/Getty Images

Business

Private equity

The Blackstone Group today <a class="gtmContentClick" data-vars-link-text="announced" data-vars-click-url="https://www.blackstone.com/media/press-releases/jon-gray-named-president-and-chief-operating-officer-of-blackstone-tony-james-named-executive-vice-chairman" data-vars-content-id="75bc9a8c-3ad5-49e0-ba50-9040c6caff85" data-vars-headline="Blackstone Group puts Jon Gray in charge of day-to-day management" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.blackstone.com/media/press-releases/jon-gray-named-president-and-chief-operating-officer-of-blackstone-tony-james-named-executive-vice-chairman" target="_blank">announced</a> that longtime real estate investment chief Jon Gray will assume day-to-day management of the firm, becoming its president and COO. He succeeds Tony James, who will transition to an executive vice chairman role.Bottom line: This seems to solidify Gray as Blackstone&#x27;s next CEO, if and when Steve Schwarzman decides to spend more time in St. Tropez than in Manhattan.<ul><li>Go deeper: <a class="gtmContentClick" data-vars-link-text="Private equity giants consider a structural change" data-vars-click-url="https://www.axios.com/private-equity-giants-consider-a-major-str-1518196953-efa0d327-996d-437c-85bd-6c4e0fb2a42b.html" data-vars-content-id="75bc9a8c-3ad5-49e0-ba50-9040c6caff85" data-vars-headline="Blackstone Group puts Jon Gray in charge of day-to-day management" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/private-equity-giants-consider-a-major-str-1518196953-efa0d327-996d-437c-85bd-6c4e0fb2a42b.html" target="_self">Private equity giants consider a structural change</a></li></ul>

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Blackstone Group puts Jon Gray in charge of day-to-day management

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