Glenn Youngkin and Kewsong Lee to Become
Co-CEOs
Global alternative asset manager The Carlyle Group (NASDAQ:CG)
today announced the following executive leadership changes,
effective January 1, 2018:
- Kewsong Lee and Glenn A. Youngkin will become Co-Chief
Executive Officers of The Carlyle Group
- Peter J. Clare will become Co-Chief Investment Officer
alongside current CIO William E. Conway, Jr.
- Carlyle’s current Chairman Daniel A. D’Aniello will become
Chairman Emeritus and continue to serve on the Carlyle Board and
Executive Group
- Current Co-CEOs David M. Rubenstein and William E. Conway, Jr.
will become Co-Executive Chairmen of the Board and continue to
serve on the Carlyle Executive Group
- Glenn, Kewsong and Peter will join the Carlyle Board of
Directors
Carlyle Co-Founders Conway, D’Aniello and Rubenstein said,
“These promotions ensure continuity in our leadership and maintain
the investment processes that have driven our success for 30 years.
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.”
They continued: “Pete is one of the best investors in the
private equity industry today. He leads our largest and most
successful business, helped launch several thriving Carlyle
strategies and has led many of our most successful
investments.”
They concluded, “As Founders, we are passionate about Carlyle.
We will continue to be actively engaged at Carlyle. We are fully
committed to and confident in the firm’s future and will continue
to be substantial investors in Carlyle funds for years to
come.”
Glenn and Kewsong will work together on all issues related to
leading Carlyle and will have full responsibility, authority and
accountability for the firm’s performance. They will each have
areas of particular focus. Kewsong will focus on Carlyle’s
Corporate Private Equity and Global Credit businesses, as well as
corporate strategy and development, and capital markets. Glenn will
focus on Carlyle’s Real Estate, Energy and Infrastructure
businesses, the Investment Solutions segment as well as investor
relations and external affairs. They will both continue to serve on
the investment committees in their respective areas of focus.
Carlyle Lead Independent Director Lawton Fitt said, “With the
leadership of the Board of Directors, Carlyle conducted a thorough
process to identify, assess and select our next generation of
leaders. We are confident that Glenn, Kewsong and Pete are the
right leaders to build upon Carlyle’s track record of innovation,
investment success and leadership. With the firm in great shape, a
strong portfolio, and a talented and stable group of leaders at the
firm, now is the right time to announce the new leadership
team.”
Glenn said, “We are humbled to follow in the footsteps of such
visionary leaders as David, Bill and Dan. Carlyle has tremendous
momentum right now, with even greater opportunities to serve our
investors.”
Kewsong said, “Carlyle is an iconic firm whose best years lie
ahead. We are well-positioned to drive investment performance and
build upon our decades of success.”
Pete said, “In partnership with Bill Conway, I look forward to
leading and supporting the exceptional investment talent Carlyle
has assembled.”
About Kewsong LeeKewsong Lee is Deputy Chief
Investment Officer of Carlyle’s Corporate Private Equity Segment,
Head of the Global Market Strategies segment and serves on the
firm’s Management Committee. Kewsong led the firm’s efforts to
build a long-dated private equity strategy and led Carlyle’s
efforts to reorient and reshape GMS into a world-class global
credit business. Since joining Carlyle in 2013, he has helped drive
the investment activities, fundraising and management of the
Corporate Private Equity and Global Market Strategies segments, has
served on numerous investment and credit committees of these
businesses and is involved in the firm’s corporate development
activities. Prior to joining Carlyle in 2013, Kewsong was a partner
at Warburg Pincus and a member of the firm’s Executive Management
Group. During his 21 years at the firm, he led the Consumer,
Industrial and Services group, and was actively involved in the
firm’s financial services efforts, capital markets group and the
development of the firm’s buyout practice. Kewsong, age 52, earned
his AB in applied mathematics in economics at Harvard College and
his MBA from Harvard Business School. He is based in New York and
Washington, DC.
About Glenn YoungkinGlenn A. Youngkin, a
23-year veteran of Carlyle, is Carlyle’s President and Chief
Operating Officer and serves on the firm’s Executive Group and
Management Committee. Prior to becoming President in 2014, Glenn
served in a variety of leadership and investment positions,
including Interim Chief Financial Officer, Global Head of the
Industrial Sector investment team, head of buyout activities in the
United Kingdom and member of the U.S. buyout team. Glenn led
Carlyle’s efforts to build a world-class energy investing business
through partnership with NGP and recruiting and building our power,
international energy and global infrastructure strategies. He led
our investment in AlpInvest and has been instrumental in building
Carlyle’s Investment Solutions segment. Prior to joining Carlyle in
1995, Glenn was a management consultant with McKinsey & Company
and he also previously worked in the investment banking group at CS
First Boston. Glenn, age 50, 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. He is based in Washington, DC.
About Peter ClarePeter J. Clare is Deputy Chief
Investment Officer of Carlyle’s Corporate Private Equity Segment,
Co-head of the U.S. Buyout Group and a member of the firm’s
Management Committee. Since joining Carlyle in 1992, Pete has
played a leading role in several of Carlyle’s most successful
investments, including Aviall Inc., Avio S.p.A, Booz Allen,
Landmark Aviation, Standard Aero, United Defense Industries, Inc.
and Wesco Aircraft. From 1999 to 2001, he was based in Hong Kong as
a founding member of the Carlyle Asia Buyout team. In 2001 and
2002, he launched Carlyle's initial investments in distressed debt,
which led to the creation of Carlyle Strategic Partners. From 2004
to 2011, Pete served as the Global Head of the Aerospace, Defense
and Government Services sector team. Prior to joining Carlyle, Pete
was with First City Capital Corporation and the Merchant Banking
Group of Prudential-Bache. Pete, age 52, is a magna cum laude
graduate of Georgetown University and earned his M.B.A. from the
University of Pennsylvania’s Wharton School. He is based in
Washington, DC.
About The Carlyle GroupThe Carlyle Group
(NASDAQ:CG) is a global alternative asset manager with $170 billion
of assets under management across 299 investment vehicles as of
June 30, 2017. 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 Investment 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 & power, financial services, healthcare,
industrial, infrastructure, real estate, technology & business
services, telecommunications & media and transportation. The
Carlyle Group employs more than 1,550 people in 31 offices across
six continents.
Web: www.carlyle.comVideos:
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http://www.twitter.com/onecarlylePodcasts:
http://www.carlyle.com/about-carlyle/market-commentary
Contact:Liz
GillElizabeth.gill@carlyle.com+1-202-729-5385
Forward Looking StatementsThis
news 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 Carlyle’s
expectations regarding the performance of its business, financial
results, liquidity and capital resources, contingencies,
distribution policy, 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. Such
forward-looking statements are subject to various risks,
uncertainties and assumptions. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements
including, but not limited to, those described under the section
entitled “Risk Factors” in Carlyle’s Annual Report on Form 10-K for
the year ended December 31, 2016 filed with the United States
Securities and Exchange Commission (“SEC”) on February 16, 2017, as
such factors may be updated from time to time in its 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 Carlyle’s other
periodic filings with the SEC. Carlyle undertakes 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.
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