Apax Partners announced today that Martin Halusa, chief executive of the global buyout firm since 2004, would be moving to the role of chairman, with two younger partners appointed co-chief executives.

Halusa, who succeeded industry stalwart and Apax co-founder Sir Ronald Cohen nine years ago, was awarded Private Equity News' Personality of the Year award in 2009. He was presented the award after successfully guiding the firm through the financial crisis and overcoming a difficult task in making his own mark in a firm synonymous with Cohen.