06:29 AM EST, 02/05/2025 (MT Newswires) -- Ares Management ( ARES ) said Wednesday that it named Kipp deVeer, the CEO of Ares Capital, and Blair Jacobson, the Co-Head of its European Credit, as Co-Presidents, effective immediately.

In these newly created roles, both executives will report to Michael Arougheti, Ares' chief executive officer.

Ares said that in connection with these appointments, Mitchell Goldstein and Michael Smith will continue as Co-Heads of the Credit Group, while Michael Dennis and Matt Theodorakis will continue leading the European Direct Lending strategy.

Kort Schnabel will succeed deVeer as CEO of Ares Capital, starting April 30. Jim Miller, who currently serves as Co-President of Ares Capital alongside Schnabel, will become the sole President of Ares Capital.