Economy

Carlyle Group unveils new leadership as founders step back

The Carlyle Group will be making changes to its executive staff in January, the firm announced Wednesday.

Lee, Youngkin, and Clare will also join Carlyle's board of directors.

"These promotions ensure continuity in our leadership", the three co-founders said in a joint statement, which described Mr Youngkin as a "business builder, exceptional communicator and culture carrier" and Mr Lee as a "decisive leader and successful investor". In the new co-CEO arrangement, Lee will focus on corporate private equity and credit businesses, and Youngkin will focus on Carlyle's real estate, energy and infrastructure businesses, Carlyle said in the press release.

Carlyle, whose investments over the years have included vehicle rental company Hertz Global Holdings Inc, photo agency Getty Images Inc and consumer headphones maker Beats Electronics LLC, is a much more diverse and global investment firm since its launch in 1987.

As of June 30, 2017, Carlyle has $170 billion of assets under management. It employs more than 1,550 people in 31 offices across six continents.

Conway, a prolific dealmaker, will retain his role as Carlyle's chief investment officer.

David Rubenstein steps down as co-CEO of The Carlyle Group after a 30-year tenure.

Kewsong Lee, now deputy chief investment officer for private equity and head of global market strategies, and Glenn Youngkin, president and chief operating officer, will become co-chief executive officers of the group.

Carlyle was founded by in 1987 in Washington, D.C.by Rubenstein, Conway and D'Aniello.



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