Oaktree Capital Management will name Robert O’Leary and Armen Panossian as co-CEOs, according to a person familiar with the matter who asked not to be identified.

The two will succeed Jay Wintrob, who will leave the firm, the person said.

O’Leary joined Oaktree in 2002 and most recently served as portfolio manager of the firm’s flagship Global Opportunities strategy. Panossian joined Oaktree’s Global Opportunities group in 2007 and now runs Oaktree’s performing-credit business.

Both will continue to lead their respective units in addition to taking on co-CEO duties, according to the person. The Wall Street Journal reported the change earlier.

Los Angeles-based Oaktree is one of the largest distressed-debt investors in the world and had about $172 billion of assets under management at the end of March.

Brookfield Asset Management acquired a majority interest in Oaktree in 2019 and the firm operates as an independent business within the Brookfield universe.

A representative for Oaktree declined to comment when contacted by Bloomberg.

--With assistance from Natalie Choy.