If Societe Generale sells TCW to a private equity shop, it may mean a change in leadership as well.

Last week reports surfaced that Clayton, Dubilier & Rice and other private equity shops were bidding for TCW [profile], and today Douglas Appell and Christine Williamson of Pensions & Investments report that, according to an unnamed source, the deal would lead to CEO Marc Stern stepping down and the ex-MetWest triumvirate of David Lippman, Tad Rivelle and Laird Landmann.

"Leadership of TCW going forward definitely will be by a party of three," the source reportedly said.

The trade pub also named three P.E. bidders: Warburg Pincus and the Carlyle Group, as well as CDR. Yet one source told P&I that CDR and Warburg Pincus "no longer appear to be actively negotiating."

P&I put the price tag for the deal at between $600 million and $800 million. 

Edited by: Neil Anderson, Managing Editor


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