Los Angeles-based Ares Management Corporation has announced that the firm’s co-founder, John Kissick, has stepped down from the Ares board of directors with immediate effect.
Kissick had previously announced his retirement from the day-to-day activities of the firm but had agreed to stay on for a period of time as a board member.
Prior to co-founding Ares, Kissick helped shape the early development of investment bank Drexel Burnham and financial giant Apollo Management. As a co-founder of Apollo, he oversaw and led its capital markets activities from 1990 to 1997. He had joined Drexel Burnham in 1975 and went on to head up its corporate finance department.
“Ares’ entire philosophy has been and always will be based on John’s view of how to build a great business: ‘Just do what you think is the right thing’ – not necessarily the most profitable, not necessarily the most creative – just what you think we’d all be most proud of,” said Tony Ressler, executive chairman and co-founder of Ares.
Stepping up to board level is Kipp deVeer, who joined in 2004 and is a partner, head of the Ares Credit Group, a member of the executive management committee and management committee, and chief executive officer and director of Ares Capital Corporation, the business development company.
“It is with great pleasure that we welcome Kipp to our board,” said Ressler. “He has proven to be a major contributor to our success and an invaluable asset across the firm.”
The news came as Ares announced its 2019 results, showing growth in management fees and fee-related earnings of 20 percent and 25 percent respectively. “We are well-positioned to continue our firm’s growth into 2020 with the deployment of a portion of our dry powder and multiple flagship fundraises expected across our strategies,” said Michael Arougheti, the firm’s chief executive officer and president.