Koltes will assume Smith's responsibilities for Investor Relations, working closely with Marc St John and Nick Archer.
Donald Mackenzie will chair the group board meetings and continue as chairman of the Investment and Portfolio Committees.
Rolly van Rappard will continue to chair the two private equity boards (Europe/North America and Asia Pacific) that are responsible for the day to day management of the private equity businesses.
CVC also announced the appointment of Rob Squire as Senior Managing Director within the investor relations team. Squire joins CVC from Coller Capital.
Smith said: 'Having spent 30 years in the business from its origins with Citicorp in the early 80s through to independence in 1993, and the subsequent development of the business to where it is today, I have decided to retire from CVC in January. I am very proud of what has been achieved in this time and I would like to thank CVC's investor base for their support and the firm's employees for their efforts, both of which have been a privilege to witness'.
Mackenzie said: 'On behalf of the entire firm, I would like to express our gratitude to Michael for his important contribution to CVC and wish him a long and happy retirement'.
On the firm's new structure, Mackenzie said: 'CVC has always been run as a partnership, making important decisions by consensus and through an executive board structure that includes all managing partners. This has served us well in the past and will continue in the future. Steve, Rolly and I have worked together as a team for more than 20 years building the business from a start-up to one of the world's leading private equity firms. The firm has always invested heavily in recruitment and training and in our opinion has one of the best teams in the industry. This team has consistently produced best in class returns for our investors and we believe that the coming years, with so much turmoil and uncertainty about, will generate some very good new investment opportunities. We therefore look forward to the future with great confidence and enthusiasm'.