J.P. Morgan Senior Executive Michael
Cavanagh Joins Carlyle Veteran Glenn Youngkin in New Senior
Leadership Posts
Global alternative asset manager The Carlyle Group (NASDAQ:CG)
today announced that Michael J. Cavanagh and Glenn A. Youngkin will
become Co-Presidents and Co-Chief Operating Officers. Mr. Cavanagh
is currently Co-Chief Executive Officer of the Corporate &
Investment Bank at JPMorgan Chase & Co.; Mr. Youngkin is a
19-year Carlyle veteran and currently Chief Operating Officer and
will add the role of Co-President. Mr. Youngkin, who is based in
Washington, DC, and Mr. Cavanagh, who will be based in New York,
will begin their new roles in the summer. The role of President is
a new position at Carlyle.
Mr. Cavanagh will also join Carlyle’s Executive Group, whose
members are: Chairman Daniel A. D’Aniello, Co-CEOs William E.
Conway, Jr. and David M. Rubenstein, COO Glenn A. Youngkin, CFO
Adena T. Friedman and General Counsel Jeffrey W. Ferguson.
David M. Rubenstein and William E. Conway, Jr. said, “Coupling a
highly successful senior financial services executive with a proven
Carlyle leader possessing deep institutional knowledge will help
ensure that Carlyle continues to innovate and grow for another
quarter century. Mike’s arrival combined with the well-deserved
promotion for Glenn provides Carlyle with the incredible
opportunity to enable fresh perspectives in an environment that
embraces change.”
Mr. Cavanagh said, “This is a rare opportunity to join a premier
global investment firm during a time of swift change for the
industry. We accomplished an immense amount at J.P. Morgan and I am
grateful to my colleagues, especially Jamie Dimon, for their
friendship, support and confidence. Carlyle is an established
innovator and I look forward to partnering with Glenn and the rest
of the Carlyle team to help take the firm to the next level of
success.”
Mr. Youngkin said, “I’m pleased to welcome Mike to Carlyle as my
partner and believe his track record of success at a powerhouse
bank will meaningfully impact how we think, plan and execute.
Carlyle has an extremely exciting future and it will be great to
have Mike here to help us realize our ambitions.”
As Co-Presidents and Co-COOs, Messrs. Cavanagh and Youngkin will
help develop and implement Carlyle’s strategic growth initiatives
and manage the firm’s global operations on a day-to-day basis.
Mr. Cavanagh, 48, is a 25-year financial services industry
veteran. He joined Bank One in 2000, and has held a number of
senior management roles at Bank One and JPMorgan Chase & Co.
and has been a member of the firm’s Operating Committee since 2004.
Mr. Cavanagh is currently Co-CEO of JPMorgan Chase & Co.’s
Corporate & Investment Bank and before that he was CEO of the
firm’s Treasury & Securities Services division. From 2004 to
2010, he was the Chief Financial Officer of JPMorgan Chase &
Co. Before joining Bank One, he worked for seven years at Citigroup
and its predecessors. Mr. Cavanagh earned his B.A. in history from
Yale University and his J.D. from the University of Chicago. He
serves on the Board of Directors of Yum! Brands, Inc.
Mr. Youngkin, 47, joined Carlyle in 1995 and has held a series
of increasingly senior leadership roles, culminating in COO in
2011. Prior to COO, he was Interim Principal Financial Officer,
Global Head of the Industrial sector investment team and led
Carlyle’s buyout activities in the United Kingdom. Prior to joining
Carlyle, Mr. Youngkin was a management consultant with McKinsey
& Company and worked in the investment banking group at CS
First Boston. He earned his B.S. in mechanical engineering and his
B.A. in managerial studies from Rice University and his MBA from
the Harvard Business School, where he was a Baker Scholar. Mr.
Youngkin serves on the Boards of Directors of several Carlyle
portfolio companies: PQ Corporation, Ri-Happy Brinquedos S.A. and
Scalina S.A.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset
manager with approximately $189 billion of assets under management
across 118 funds and 106 fund of funds vehicles as of December 31,
2013. Carlyle’s purpose is to invest wisely and create value on
behalf of its investors, many of whom are public pensions. Carlyle
invests across four segments – Corporate Private Equity, Real
Assets, Global Market Strategies and Solutions – in Africa, Asia,
Australia, Europe, the Middle East, North America and South
America. Carlyle has expertise in various industries, including:
aerospace, defense & government services, consumer &
retail, energy, financial services, healthcare, industrial, real
estate, technology & business services, telecommunications
& media and transportation. The Carlyle Group employs more than
1,500 people in 34 offices across six continents.
Web: www.carlyle.comVideos: www.youtube.com/onecarlyleTweets:
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Forward Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements include, but are not limited to, statements related to
our expectations regarding the performance of our business, our
financial results, our liquidity and capital resources and other
non-historical statements. You can identify these forward-looking
statements by the use of words such as “outlook,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “should,”
“seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates” or the negative version of these words
or other comparable words. These statements are subject to risks,
uncertainties and assumptions, including those described under the
section entitled “Risk Factors” in our Annual Report on Form 10-K
for the year ended December 31, 2013 filed with the SEC on February
27, 2014, as such factors may be updated from time to time in our
periodic filings with the SEC, which are accessible on the SEC’s
website at www.sec.gov. These factors should not be construed as
exhaustive and should be read in conjunction with the other
cautionary statements that are included in this release and in our
filings with the SEC. We undertake no obligation to publicly update
or review any forward-looking statements, whether as a result of
new information, future developments or otherwise, except as
required by applicable law.
This release does not constitute an offer for any Carlyle
fund.
The Carlyle GroupMediaElizabeth Gill,
+1-202-729-5385elizabeth.gill@carlyle.comorPublic Market Investor
RelationsDaniel Harris,
+1-212-813-4527daniel.harris@carlyle.com
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