Oaktree Capital Management LP announced that changes would be coming to its C-suite in the first quarter of calendar year 2024, including the promotion of its longtime general counsel and chief administrative officer to the role of chief operating officer.

Todd Molz will become COO after close to 18 years spent with Oaktree, which he first joined in 2006. He was promoted alongside colleagues Robert O'Leary and Armen Panossian, who will step into the roles of co-CEO early next year upon the departure of current CEO Jay Wintrob.

"We're delighted to elevate these three outstanding, long-tenured Oaktree professionals," Howard Marks, co-chairman at Oaktree, said in a statement provided by the firm. "With 54 years of combined experience at the firm, they exemplify the Oaktree culture, with its emphasis on risk control and taking the high road."

With a bachelor's degree in political science from Middlebury College, Molz earned his law degree from the University of Chicago before taking on a clerkship with U.S. Circuit Judge Alfred T. Goodwin. He was admitted to the California bar in 1998, records show.

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