Key facts
- Stephen Schwarzman will step down as CEO of Blackstone after 41 years.
- Jon Gray, president and chief operating officer, will succeed Schwarzman.
- Schwarzman will remain as chairman of Blackstone.
- Schwarzman co-founded Blackstone with Peter Peterson in 1985.
Stephen Schwarzman, who has led Blackstone for 41 years, announced that Jon Gray, the company's president and chief operating officer, will succeed him as chief executive. Schwarzman, 79, will continue as chairman of the asset management firm he co-founded with Peter Peterson in 1985. Gray is 56 years old. Schwarzman's earnings in 2025 reached $1.24 billion, a 20% increase from the prior year, largely due to dividends from his approximately 20% stake in Blackstone.