John Mack joins KKR's senior advisory team

"John Mack is a great leader who we believe will add enormous value to KKR's investors, partners and our portfolio. He will help make us smarter investors and strengthen our firm," said Henry Kravis, co-chief executive officer of KKR.

Mack, a renowned cost-cutter, first joined Morgan Stanley in 1972 as a bond salesman and climbed up the ladder to become president and chief operating officer of Morgan Stanley Dean Witter in 1997. Following a power struggle with Philip Purcell, the bank's then-CEO, Mack left the company in 2001 and worked for Credit Suisse as a co-chief executive.

In 2005, Mack rejoined Morgan Stanley as chairman and CEO following Purcell's resignation, largely under the board pressure from the firms' poor performance.

After Mack returned to the bank, he served on the boards of several institutions, including some in China. In 2010, CIC, the country's main sovereign wealth fund, appointed Mack to its 14-member international advisory council.

In addition, the industry veteran has also advised the International Business Leaders Advisory Council for the Mayor of Beijing, as well as being a member of the Shanghai International Financial Advisory Council.

Commenting on the new position, Mack said the volatile economic environment has created a demand for both capital and operational expertise and he is "proud to join a team that offers both of those things."

KKR's senior advisory team is part of the firm's value creation efforts. Existing members include the likes of former group chairman of HSBC John Bond, founder of the Lenovo Group Liu Chuanzhi and chairman of Qantas Airways Leigh Clifford.

 

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