Warburg Pincus has announced the appointment of Jeffrey Perlman as its new CEO, succeeding Chip Kaye. Kaye will transition to the role of chairman, sharing the position with Tim Geithner. Perlman, 41, is set to begin his tenure on September 2, as reported by Bloomberg.

This marks only the third leadership change in the firm's 58-year history. The previous transition occurred in the early 2000s when Kaye and Joseph Landy were appointed co-CEOs, taking over from founder Lionel Pincus.

The firm, known for its significant influence in private equity, continues to evolve its leadership to maintain its competitive edge in the financial services sector.