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FIRST RESERVE ANNOUNCES ALEX T. KRUEGER AS PRESIDENT & CEO William E. Macaulay to Remain Actively Involved as Executive Chairman

GREENWICH, CT; HOUSTON, TX; LONDON, UK –  June 27, 2017 –  First Reserve, a leading global private equity investment firm exclusively focused on energy, today announced the completion of the next step in the Firm’s planned succession initiatives, with Alex T. Krueger becoming President & CEO of the business, effective July 1, 2017.  William (Bill) E. Macaulay, who co-founded the Firm with John A. Hill in 1983, will remain active in the business as its Executive Chairman and the Chair of the Private Equity Funds’ Investment Committee.

Mr. Krueger, who has an 18-year tenure with First Reserve, was named President & Co-CEO alongside Mr. Macaulay in 2015.  Since that time, he has been at the helm of the Firm’s Private Equity business, as well as taken on direction of its backoffice and marketing functions.  Having started at First Reserve as an investment Associate, Mr. Krueger has been involved with several of the Firm’s greatest investment successes and will continue to drive that core investment strategy going forward.

“It has been my pleasure over the years to work with Alex and to see him develop as a leader,” said Bill Macaulay.  “Alex has a true drive to create value on behalf of our investors and our partners, and I have full confidence in him to continue to uphold First Reserve’s great legacy.  He has a passion, intelligence and sense of responsibility that trickle down throughout the organization and motivate our team to push to new heights.  I look forward to continuing to work with him and the senior leadership of the firm as we move together towards what I truly believe is a bright future for First Reserve.”

Alex Krueger added, “Being part of the First Reserve organization has been my great privilege, and I am honored to further formalize my leadership role.  Bill and John have built a phenomenal platform over the last 35 years, and I consider myself lucky to have been mentored by them and to have the opportunity to continue to work with them.  First Reserve has a rich history, broad network and impressive investment team. It will be my pleasure to lead this group in delivering value to our investors and portfolio companies.”

ENDS

About First Reserve

First Reserve is a leading global private equity investment firm exclusively focused on energy. With nearly 35 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately USD $31 billion of aggregate capital since inception.  First Reserve has completed over 600 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm’s history. Its portfolio companies operate on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure.  Please visit www.firstreserve.com for more information.


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