, president, director and co-founder of BlackRock
, has notified the board of his intent to step down to pursue other entrepreneurial interests.
Schlosstein will remain with BlackRock as an advisor until early 2008, helping to ensure an effective transition. The board of directors at the firm have already selected Schlosstein's replacement, voting to appoint Robert Kapito
as president, effective immediately.
Kapito is currently a director and vice Chairman of BlackRock and Head of Portfolio Management. In his new role as President, he will be responsible for day-to-day oversight of key operating units, including the Account Management and Portfolio Management Groups, Real Estate and BlackRock Solutions. He will report to BlackRock Chairman and CEO Laurence D. Fink.
"Ralph has been a tremendous partner, and his leadership and financial expertise have been key drivers of BlackRock's success and global expansion," stated Mr. Fink. "He has touched every component of our business."
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