SAN FRANCISCO--(BUSINESS WIRE)--The Presidio Group LLC announced today that Karl Schade, Managing Director and head of its private equity group, has been promoted to Chief Executive Officer. The appointment is effective January 1, 2014.
Schade joined Presidio in 2007 to launch the firm’s first private equity fund, which focuses on mid-market technology-enabled services, gaming and financial services companies. Schade served as interim CEO for one of the fund’s investments, Hattrick Sports Group Ltd., a leading sports-gaming enterprise in Central Europe. Schade replaces Brodie Cobb, who founded the firm in 1997. He was named interim CEO earlier this year when Cobb took a six-month medical leave to recover from injuries sustained in a cycling accident in 2012.
“I’m honored that Brodie, the Presidio board and my colleagues have confidence in my ability to lead this firm,” said Schade. “We’re finishing one of the best years in our 16-year history, thanks to the outstanding professionals here. More importantly, our clients are enjoying a year of strong performance. Presidio was founded as one of the first independent financial advisory firms, eschewing the conflicts of interest that permeate so many other firms. We pride ourselves on effective risk-management and always – always – putting client interests ahead of our own. I fully intend to ensure that standard remains the core of our practice.”
Cobb said, “Karl’s skill set, experience, and interests are perfectly suited to running a firm that has reached Presidio’s level of success and maturity. Managing the firm day-to-day doesn’t afford me the time to devote to what I do best for Presidio. I want to focus my efforts on client relationships, new business opportunities, and special firm projects. The board, our investors, and I all have absolute confidence in Karl’s ability to continue successfully building this firm.”
Prior to Presidio, Schade was a private equity investor with Blum Capital Partners, Silver Lake Partners, and The Blackstone Group. He serves on the Board of Directors of Metropolitan BancGroup Inc. and Hattrick Sports Group Ltd., is a member of the board of trustees of Claremont McKenna College, and a Stephen M. Kellen Term Member of the Council on Foreign Relations. He graduated magna cum laude from Claremont McKenna and holds an M.B.A. from Harvard University.
“My experience with Karl over the past six years as head of the private equity group and interim CEO gives me full confidence in his ability to lead Presidio into its next chapter,” said Bruce Brugler, Managing Director and nine-year veteran of the firm. “We are proud of our $3.9 billion in assets, and believe the new initiatives of our firm will only strengthen our commitment to providing our clients independent, objective, and sophisticated investment advice.”
“The changes in management present an exciting platform for strategic development in the way we run our operation,” said Colin Carter, a firm Managing Director of 10-years. “Presidio is well-positioned to continue its growth and I look forward to working with Karl and the team as we continue to develop innovative and high-quality solutions for our clients.”
About The Presidio Group
The Presidio Group LLC is a personal and corporate financial services firm with approximately $4 billion in client assets. Through its interconnected investment banking, private equity, and capital advisory units, Presidio addresses the lifecycle challenges of wealth – from its creation, through its retention and growth, to its transfer to successive generations. The firm’s principals have extensive experience running businesses, creating wealth of their own, and understanding and managing risk. Presidio and its subsidiaries currently serve clients throughout the United States. Presidio offers its advisory services through Presidio Capital Advisors LLC, a SEC registered investment advisor. Past performance does not guarantee future results. For more information, visit www.thepresidiogroupllc.com.