Sign up for the Austonia daily newsletter
×
becomeMemberIcon

become a member

Robert F. Smith is the billionaire investor who owns Vista Equity Partners. (Shutterstock)

Six months after Austin billionaire Robert Smith reached a $140 million tax evasion settlement, two leaders at Smith's private equity firm Vista Equity Partners are stepping down, according to Bloomberg.


Senior dealmakers Alan Cline and Rob Rogers, both Austin-based senior managing directors, are stepping down from the firm. Cline will be replaced by Rachel Arnold as co-head of the Vista Endeavor Fund with René Yang Stewart, while Patrick Severson will be taking the co-head of the Vista Foundation Fund next to Marc Teillon.

Both Cline and Rogers have been with the company for around two decades, with Cline joining in 2001 and Rogers coming on in 2002. Just like Vista's founder Smith, both hail from Goldman Sachs Group Inc.

Alongside his position on the Vista Endeavor Fund, Cline was on the investment committee and executive committee. Rogers was co-head of the Vista Foundation Fund and also sat on the private equity management committee. He will step down from those roles but will stay on the Foundation Fund's investment committee, a source told Bloomberg.

Vista has seen others step down after Smith agreed to pay around $140 million to settle a four-year criminal tax investigation, in which Smith managed to avoid prison time. His longtime partner, Vista president Brian Sheth, stepped down a few weeks after the scandal was made public.

Smith is the richest Black man in the nation. Years before Austin emerged as a tech hub, Smith and Sheth, a billionaire himself, relocated their main office to Austin in 2011 and invested millions in tech and software startups across the country.

Popular

The inside of Giga Texas, Austin's Tesla plant. (Tesla)

Tesla has officially moved its headquarters from Silicon Valley to its under-construction Gigafactory in southeast Travis County.

Keep Reading Show less

(Forbes)

At the cutting edge of tech, music and business are many successful leaders who not too long ago weren't old enough to drive or vote.

Keep Reading Show less

Austinites were the second happiest with the downtown area in the latest study with 15 markets. (CC)

Downtown may be recovering from the pandemic but the priorities residents want in their city center are changing, according to the City Pulse Survey done by design firm Gensler.

Keep Reading Show less