Jul 17, 2017

KKR sets up succession plan

Dan Primack, author of Pro Rata

Henry Kravis, co-founder of KKR & Co. (Evan Vucci / AP)

Private equity giant KKR today announced that Joe Bae and Scott Nuttall will become co-presidents and co-chief operating officers, responsible for all day-to-day activities. Firm co-founders Henry Kravis and George Roberts will continue to serve as co-chairs and co-CEOs.

  • Why it matters: Generational change is a huge challenge for private equity firms, and this is KKR basically laying out its game-plan for succession.
  • Happy trails: Alex Navab will step down as KKR's head of Americas private equity and retire from the firm. Or, put more bluntly, he's not in line for the top job and will now pursue other opportunities.

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Axios
Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 p.m. ET: 33,832,124 — Total deaths: 1,010,642 — Total recoveries: 23,507,536 — Map.
  2. U.S.: Total confirmed cases as of 8 p.m. ET: 7,227,779 — Total deaths: 206,859 — Total recoveries: 2,840,688 — Total tests: 103,155,189 — Map.
  3. Education: School-aged children now make up 10% of all U.S COVID-19 cases.
  4. Health: The coronavirus' alarming impact on the body.
  5. Business: Real-time data show economy's rebound slowing but still going.
  6. Sports: Steelers-Titans NFL game delayed after coronavirus outbreak.
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Sara Fischer, author of Media Trends
3 hours ago - Politics & Policy

Over 73 million people watched the first debate on TV

Data: Nielsen; Chart: Andrew Witherspoon/Axios

More than 73.1 million people watched the first presidential debate on television on Tuesday night, according to Nielsen ratings.

Why it matters: While that's a sizable audience for any American TV program, it's down more than 13% from the record number of TV viewers who tuned in for the first debate of the 2016 election. The chaotic nature of the debate and the overall uncertainty around this year's election may have pushed some viewers away.

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Fadel Allassan
3 hours ago - Politics & Policy

Senate passes bill funding government through December

Senate Majority Leader Mitch McConnel. Photo: Chip Somodevilla/Getty Images

The Senate on Tuesday passed legislation to fund the federal government through Dec. 11, by a vote of 84-10.

Where it stands: The legislation will avert a government shutdown before funding expires Wednesday night and before the Nov. 3 election. The House passed the same measure last week by a vote of 359-57 after House Democrats and the Trump administration agreed on the resolution.

  • Both sides agreed early in negotiations that the bill should be a "clean" continuing resolution — meaning each party would only make small changes to existing funding levels so the measure would pass through both chambers quickly, Axios' Alayna Treene reported last week. The bill now goes to President Trump for his signature.