Karl Schade, managing director and head of private equity at Presidio Group, has been promoted to chief executive, with effect from January 1, 2014.

Karl Schade, managing director and head of private equity at Presidio Group, has been promoted to chief executive, with effect from January 1, 2014.

Schade replaces Brodie Cobb, who founded the firm in 1997. He was named interim CEO earlier this year when Cobb took a six-month medical leave to recover from injuries sustained in a cycling accident in 2012, Presidio Group said.

Schade joined the firm in 2007 to launch the firm’s first private equity fund, which focuses on mid-market technology-enabled services, gaming and financial services companies. Schade also served as interim CEO for one of the fund’s investments, Hattrick Sports Group, a sports-gaming enterprise in central Europe.

Before starting at Presidio, Schade was a private equity investor with Blum Capital Partners, Silver Lake Partners and The Blackstone Group.

“The changes in management present an exciting platform for strategic development in the way we run our operation,” said Colin Carter, managing director, Presidio Group. 

Presidio Group is a personal and corporate financial services firm with some $4 billion in client assets.