R.I. billionaire Nelson to exit CEO role at Providence Equity Partners

PROVIDENCE – Jonathan Nelson will exit his role as CEO of Providence Equity Partners LLC and become the private equity firm’s executive chairman, the company announced on Monday.

Nelson, who founded the company, will remain active with the firm, the company said. He is expected to become executive chairman in January 2021. The Brown University alum is frequently featured on Forbes’ list of the world’s billionaires. The media outlet calculated his current net worth at $2 billion, making him the richest Rhode Island resident. 

Providence Equity Partner’s leadership transition plan includes the immediate appointment of four co-head directors in North America and Europe.

“We are fortunate to have such a deep team at Providence and are proud of our strong culture, which, over our 30-year history, has helped us attract and develop tremendous investment and leadership talent,” said Nelson. “As we enter our fourth decade as a firm, it is a natural time to elevate these four talented professionals, each of whom has distinguished himself through outstanding contributions to our business. We all look forward to continuing to forge lasting partnerships with talented entrepreneurs and executives, adding sustainable value to our portfolio companies and delivering superior returns to our investors.”

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There is no specific timetable to naming a new CEO.

The new leadership appointments, which will cover the traditional responsibilities of the office of the CEO, include:

  • David Phillips, currently a managing director in the company’s Providence office, will become senior managing director and co-head of North America.
  • Davis Noell, who serves as a managing director based in New York, has been named senior managing director and co-head of North America.
  • Karim Tabet, a managing director in London, was named senior managing director and co-head of Europe.
  • Andrew Tisdale, a managing director in London, was also named senior managing director and co-head of Europe.
  • Managing Director Michael Dominguez will serve in the newly created role of chief investment officer.