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

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

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.