Mario Giannini, CEO of Hamilton Lane, steps down as CEO after 22 years. Co-CEOS are named to replace him, writes Jeff Blumental for the Philadelphia Business Journal.

Giannini will be succeeded by Erik Hirsch and Juan Delgado-Moreira who have been with Hamilton Lane since 1999 and 2005, respectively.

Giannini will be staying with the company joining Hartley Rogers as executive co-chairman.

“With Erik and Juan stepping into the roles of Co-CEOs, I am both confident and excited about the future of Hamilton Lane, knowing we’ve identified the right leaders to build upon the strength of our current foundation and guide us through the next evolution of our business,” Giannini said in a statement.

The plan is for Delgado-Moreira to be on the board of directors where he will primarily focus on leading the company’s global sales efforts and client service organization. Hirsch will focus on the company’s strategic direction and operations management.

Together, they will lead the company’s global investment team.

On the appointment of Hirsch and Delgado-Moreira, the company said, “their combined experience, highly complementary investment and strategic management skill sets, and track record of leadership bring a broad and differentiated set of perspectives and strongly position the firm to capitalize on many compelling opportunities to enhance profitability and scale.”

Read more about the changes at Hamilton Lane and the appointment of two co-CEOs at the Philadelphia Business Journal.

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