Brookfield Appoints Connor Teskey as CEO, Succeeding Bruce Flatt
Brookfield Asset Management has officially appointed Connor Teskey as its new Chief Executive Officer, succeeding Bruce Flatt. This announcement, made on a Wednesday, comes as part of a carefully planned succession strategy.
Connor Teskey Takes Charge
Connor Teskey, aged 38, previously served as president and has been overseeing daily operations of the asset management firm, which boasts a portfolio worth approximately US$1 trillion. His transition to CEO is effective immediately. Teskey will also maintain his role as the head of Brookfield’s renewable energy division.
Continuity in Leadership
Bruce Flatt, who became CEO in 2002, will continue to play a significant role. He will chair the board of directors and remain the CEO of Brookfield Corp. Flatt has publicly supported Teskey’s succession, stating it was planned as far back as 2020.
- Connor Teskey’s Age: 38
- Bruce Flatt’s Start as CEO: 2002
- Company Value: US$1 trillion
Investment Strategy and Financial Performance
Brookfield announced that its strategic direction will remain unchanged under Teskey’s leadership. Both Flatt and Teskey expressed optimism about current market conditions, noting trends in artificial intelligence and digitization as major drivers for investment.
Impressive Fundraising Efforts
Recently, Brookfield reported an exceptional fundraising quarter, securing US$35 billion in the final three months of the year. Significantly, US$23 billion of this total was directed towards the company’s credit sector, bringing the annual total raised to US$112 billion.
| Financial Metrics | Fourth Quarter | Yearly Total |
|---|---|---|
| New Investments | US$13 billion | US$66 billion |
| Quarterly Profit | US$615 million | Compared to US$680 million (previous year) |
| Distributable Earnings | US$767 million | 18% increase |
Dividends and Growth
The firm also increased its quarterly dividend by 15%, reaching 50.25 cents per share. The rise in fee-related earnings to US$867 million represents a 28% year-over-year increase, further showcasing Brookfield’s financial strength.
As Connor Teskey assumes the role of CEO at Brookfield Asset Management, all eyes will be on how he leads the company in an evolving investment landscape.
