Tim Sullivan and Tom Souleles of Chicago-based private equity firm Madison Dearborn Partners have began in their co-CEO roles. Sullivan and Souleles succeed previous co-CEOs Paul Finnegan, who will assume the role of chairman, and Sam Mencoff, who will serve as a senior advisor to the firm.

Sullivan and Souleles have served as co-presidents of MDP since May 2022. Sullivan co-founded MDP in 1992 and most recently led MDP’s healthcare team. Souleles joined MDP in 1995 and most recently co-led MDP’s basic industries team. Together, in their new roles, Sullivan and Souleles will manage all aspects of firm-wide operations.

“In today’s highly competitive market, we are focused on further enhancing our investment capabilities and resources, deepening our collaborative culture across the firm, and building on the foundational values that have supported MDP’s success to this point,” says Sullivan and Souleles.