CVC Capital picks insider and TPG president as co-CEOs ahead of 2028 transition

CVC Capital Partners has unveiled its succession plan, naming Peter Rutland, a 19-year company veteran, and Todd Sisitsky, currently president of rival TPG, as co-chief executives. The pair will assume leadership as incumbent Rob Lucas prepares to step down in the first quarter of 2028.

Lucas, who has steered the private equity firm since 2021 and guided its initial public offering on Euronext Amsterdam in 2024, will remain active at the group level and continue to be involved in investment activities after the handover, the company said.

Sisitsky, who has served as TPG's president since 2021, resigned from that role on September 6, according to a regulatory filing. He will take the chair of CVC's partner board. Rutland, currently a managing partner and president at CVC, brings nearly two decades of institutional knowledge to the top job.

The leadership change comes as CVC's shares trade nearly 19% below their debut price from the April 2024 listing. The firm manages approximately €212 billion in assets and holds stakes in well-known brands including Lipton Teas, Breitling, and Petco.

In July, CVC reported half-year net profit that exceeded market expectations, supported by stronger fundraising and growth in fee-paying assets under management. Separately, reports have emerged that the firm is exploring the sale of Arthea, its personal care platform that owns the Dr. Teal's brand, in a deal that could value the business at around $2 billion.