Investor Michael Gordon has no plans to retire but when he does he wants to ensure that Angelo, Gordon, the $26 billion firm he co-founded with John Angelo 28 years ago, survives without him.

To lay the groundwork for an eventual succession, Gordon said the firm created a management committee to run the business and will let senior employee partners buy out the founders’ controlling interests over the next five years.

“I have been working closely for the last several months with senior leaders of the firm to develop a strategy that will best position us to transition governance and ownership of the firm to our next generation of leadership,” Gordon wrote in a letter dated Friday and seen by Reuters.

READ FULL ARTICLE HERE