Carlyle Unveils New Management Structure, Promotes Lee, Youngkin to Co-CEO

Oct 25 2017 | 8:28pm ET

Global alternative asset manager Carlyle Group has announced a range of new leadership appointments as the company prepares for succession from its founders, naming Kewsong Lee and Glenn Youngkin as co-CEOs and Peter Clare as co-CIO alongside existing chief investment officer Bill Conway Jr. 

The changes are effective January 1, 2018, Carlyle said in a statement. The company’s current chairman, Daniel D’Aniello, will become chairman emeritus while current co-CEOs David Rubenstein and Bill Conway will become co-executive chairmen of the board.

Additionally, Carlyle named Lee, Youngkin and Clare to the company’s board.

“These promotions ensure continuity in our leadership and maintain the investment processes that have driven our success for 30 years,” said Carlyle co-founders Conway, D’Aniello and Rubenstein in a joint statement Wednesday. “Kewsong and Glenn are proven leaders who have strong records of accomplishment at Carlyle. Glenn, a 23-year Carlyle veteran, is a business builder, exceptional communicator and culture carrier. Kewsong is a decisive leader and successful investor, as well as a strategic builder of businesses and creative problem solver.”

“Pete is one of the best investors in the private equity industry today,” they added. “He leads our largest and most successful business, helped launch several thriving Carlyle strategies and has led many of our most successful investments.”

Although stepping back from the day to day operations, the three men will remain actively engaged at Carlyle and will continue to be substantial investors in Carlyle funds, the statement added. 

As co-CEOs, Lee and Youngkin will each have areas of particular focus, Carlyle said. Lee will focus on Carlyle’s Corporate Private Equity and Global Credit businesses, as well as corporate strategy and development, and capital markets, while Youngkin will focus on Carlyle’s Real Estate, Energy and Infrastructure businesses, the Investment Solutions segment as well as investor relations and external affairs. 

Founded in 1987, the Carlyle Group is a global alternative asset manager with $170 billion of assets under management across 299 investment vehicles as of June 30, 2017. The company invests across four segments - corporate private equity, real assets, global market strategies and investment solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. 

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