- After about six years in the position
- Praise for Webb
- Co-CEO Robert Alpert also leaves his post
- Luke Sarsfield taking over
- Webb will remain as Executive Vice Chairman at P10
- Webb said 78 words
(exechange) — Dallas, Texas, October 23, 2023 — Clark Webb, co-chief executive of P10, leaves his position. As announced by P10 Inc. in a news release on Monday, October 23, 2023, C.Clark Webb leaves his post as co-chief executive officer at the asset manager, after about six years in the role, effective immediately.
Generally speaking, it raises questions when a co-CEO leaves his post abruptly.
Clark Webb’s duties as co-CEO will be taken over by Luke Sarsfield, most recently Global Co-Head at Goldman Sachs Asset Management, as Chief Executive Officer.
Co-CEO Robert Alpert also leaves his post, effective immediately.
“Now is the perfect time”
The management change is explained as follows. Robert Alpert, most recently co-CEO, stated: “With the Company in a position of strength, alongside a continued outlook for durable growth, we feel now is the perfect time to transition leadership of the Company.”
Webb will remain as Executive Vice Chairman at P10
P10 stated: “P10’s Co-Founders Robert Alpert and Clark Webb, will continue as members of the P10 Board and have been elected Executive Chairman and Executive Vice Chairman, respectively. In his new role, Mr. Alpert will support Mr. Sarsfield in corporate matters. Mr. Webb will direct his attention toward strategic opportunities and assist Mr. Sarsfield in potential corporate transactions.”
Share price decline since October 2022
The announcement follows a decline in P10 Inc.’s share price of 13% since October 2022.
In the position of CEO since 2017
Clark Webb became CEO of the Company in 2017.
Webb is one of the two directors designated by the 210 Group and has served as the Co-Chief Executive Officer and as a director of the Company since 2017.
In addition to his role at P10, Webb is also the Co-Founder and Principal of 210 Capital.
Previously, Clark Webb was co-founder and manager of P10 Capital Management, LP, a Co-Portfolio Manager of the Lafayette Street Fund and a Partner at Select Equity Group, L.P.
Webb holds a BA from Princeton University (2003).
Webb also currently serves as the chairman of the Board of Directors of each of Elah Holdings, Inc., an investment holding company, and Collaborative Imaging, LLC, a healthcare technology and management services organization, and as member of the Board of Directors of Crossroads Impact Corp., an OTC Pink listed investment holding company.
He was formerly a director of Globalscape, Inc., a software developer offering secure enterprise FTP solutions.
78 words by Clark Webb
In the release announcing his departure as CEO of P10 Inc., Clark Webb received praise.
In announcing his departure, Clark Webb said 78 words.
“The ideal leader”
Clark Webb stated: “The P10 story is one of establishing partnerships with market leaders who have built extraordinary, long term track records. With the addition of Luke, we continue that trend. Upon our IPO in late 2021, we laid out ambitious fundraising and financial targets and we have solidly surpassed those targets. As we prepare our next set of corporate goals, we believe passing the baton to Luke provides P10 with the ideal leader to champion our next phase of growth.”
Push-out Score for Clark Webb’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Clark Webb was pushed out or felt pressure to leave his position.
exechange reached out to P10 and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2023 ($).