KKR Capital’s turnaround vehicle Pillarstone has announced that John Davison will be stepping down as chief executive officer of the company.
“Following four successful years at Pillarstone, John has decided to pursue new opportunities” the company said in a statement.
Davidson’s responsibilities will be divided between Gaudenzio Bonaldo Gregori, who will become head of Pillarstone’s Italian office, and Dan Haxby, as head of Pillarstone’s London and Greece offices.
Davidson will remain on the boards of the Pillarstone portfolio companies where he currently serves to ensure a smooth transition in 2019.
Davison and KKR Credit co-founded Pillarstone in 2015 to provide solutions to banks aimed at maximising the value of their non-performing corporate, shipping and real estate credit exposures through innovative partnerships.
The unique approach has seen Pillarstone partner with all of the major Italian and Greek banks.
In four years the platform has become an established pan-European business with over €2.2bn ($2.52bn) of credit exposure across ten portfolio companies.