Blackstone to Appoint Ex-Canadian Prime Minster to Board |
Date: Wednesday, June 6, 2007
Author: Emma Trincal, HedgeWorld
The information was contained in a second updated prospectus Blackstone
filed with the Securities and Exchange Commission yesterday [June 4].
Blackstone Group Management is The Blackstone Group's general partner.
The Blackstone Group is only a few weeks away from launching its $4.75
billion initial public offering. It plans the sale of 133.3 million common
units to be priced between $29 and $31 each. The new filing did not give any
timeframe for the deal, but a source close to Blackstone said the IPO could
happen anytime this month or in July.
Most of the new information contained in the revised filing pertained to new
appointments for Blackstone Group Management's board of directors. Besides Mr.
Mulroney, who is currently a senior partner and international business
consultant for the
In addition, William G. Parrett, the former chief executive of Deloitte
Touche Tohmatsu, is expected to join the board of directors before the end of
2007 after his retirement from Deloitte & Touche USA LLP as senior partner.
The S1 filing indicated that Messrs. Mulroney, Rothschild and Parrett each
will receive a $100,000 annual cash retainer. When appointed, each also will
get 10,000 deferred restricted common units.
After the IPO, Messrs. Mulroney and Rothschild will join Tomilson Hill's
audit committee. Mr. Hill, who heads up Blackstone's fund of hedge funds
business, will be replaced in the audit committee by Mr. Parrett when Mr.
Parrett joins the board later this year, according to the revised prospectus.
The S1 filing offers no information on the salaries and bonuses for
Blackstone's senior executives, with the compensation table still blank for
Stephen A. Schwarzman, chief executive; Hamilton James, president and chief
operating officer; Mr. Hill, vice chairman; and Michael Puglisi, chief financial
officer.
A call to a Blackstone spokesman was not immediately returned.