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Revenge of the Founders: A Generational Struggle on Wall Street

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Last year, KKR gave its two chief executives pay packages that could be worth more than $500 million each, and over the past five years, Blackstone paid its co-founder and chief executive, Stephen Schwarzman, nearly $500 million. (JPMorgan, the largest U.S. bank, paid Mr. Dimon just over $200 million over the same period.)In recent years, even as leading private equity firms have taken steps to advance the next generation, their founders have either kept the chief executive post for themselves or retained their grip on their companies’ boards, raising questions about the younger leaders’ power and autonomy.“It’s sort of amazing, given private equity’s power, given their influence in D.C. and the way that they’ve become fully adult in that arena, that …

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