Kewsong Lee Steps Down as CEO and Member of the
Board of Directors
Bill Conway,
Co-Founder, current Non-Executive Co-Chairman and former Co-CEO, to
Serve as Interim CEO
Board Forms Search Committee to Identify
Permanent Successor
New Office of the CEO Established to Support
Seamless Transition
NEW
YORK and WASHINGTON,
Aug. 7,
2022 /PRNewswire/ -- Global investment firm The
Carlyle Group Inc. (Nasdaq: CG) ("Carlyle" or "the Company") today
announced changes in its executive leadership team. With Chief
Executive Officer Kewsong Lee's five-year employment agreement
coming to a close at the end of 2022, both the Company's Board of
Directors and Mr. Lee mutually agreed as part of their discussions
that the timing is right to initiate a search for a new CEO to lead
Carlyle forward in its next phase of growth. Mr. Lee will step down
today as CEO and a member of the Board of Directors. He will be
available as needed to assist in a transition during the months
ahead. The Board has appointed William
Conway, Co-Founder, current Non-Executive Co-Chairman of the
Board, and former Co-CEO, to serve as Interim CEO.
A newly-formed Search Committee of the Board will drive the
search for a permanent successor. The Board's Search Committee will
include Mr. Conway as well as independent directors Lawton Fitt, Anthony
Welters, Linda Filler, and
Derica Rice. The Board will
immediately engage an executive search firm to identify and assess
candidates for the permanent CEO position.
Mr. Conway said, "The Board is grateful to Kewsong for
everything he has done to position Carlyle for the future. As
Carlyle undertakes this process to select a new leader, we do so
from a position of strength, a testament to the performance of our
talented team. Today, Carlyle is a more diversified, resilient firm
with the resources to continue to invest in accelerating our growth
trajectory. Looking ahead, our objective remains to execute on our
vision of enhancing scale, speed, and performance in order to grow
and deliver sustainable results, in any investment
environment."
Mr. Lee said, "I am grateful for my time at Carlyle and thankful
for the opportunity to build the firm with an incredibly talented
and committed team. I feel immense pride in our many
accomplishments during these complex and challenging times,
especially the firm's record financial results, strong investment
performance, and continued leadership on DEI and ESG initiatives.
Diversified and durable, Carlyle is now well-positioned to
capitalize on many exciting areas of attractive growth. I wish my
colleagues at Carlyle well as they continue to set the highest
standards for integrity and value creation in the asset management
industry."
To assist Mr. Conway as he fulfills his duties as Interim CEO
and assure a seamless transition once a permanent successor has
been identified, an Office of the CEO has been established.
Peter Clare, Chief Investment
Officer for Corporate Private Equity and Chairman of Americas
Private Equity, Mark Jenkins, Head
of Global Credit, Ruulke Bagijn, Head of Global Investment
Solutions, Curtis Buser, Chief
Financial Officer, Christopher Finn,
Chief Operating Officer, and Bruce
Larson, Chief Human Resources Officer, will comprise the
Office of the CEO and will work alongside Mr. Conway to continue
driving forward Carlyle's strategy and build on the firm's strong
momentum. To further facilitate a seamless transition, Mr. Finn has
agreed to defer his previously-announced retirement at the end of
this year.
Ms. Fitt, Carlyle's Lead Independent Director, said, "On behalf
of the entire Board, I would like to thank Kewsong for his
contribution to the Company during his tenure. Carlyle has built on
its enviable legacy while diversifying its asset base and earnings
streams, driving scale, and identifying new opportunities to
further drive performance. Going forward, the Company will benefit
from a fresh perspective to build upon its strengths and capitalize
fully on its long-term future growth opportunities, regardless of
macroeconomic headwinds.
"As the search for a permanent CEO proceeds, we are very pleased
that Bill will lead Carlyle through this transition, as the Company
remains focused on continuing to enhance value for its public
shareholders and limited partners," Ms. Fitt concluded.
Consistent with its previously-reported second quarter earnings
results, the Company noted that, as of June
30, 2022, total Assets Under Management was $376 billion, of which $260 billion was fee earning, and available
capital for future investment was $81
billion.
The Company is again reaffirming its 2022 Fee Related Earnings
target of $850 million, and its prior
performance revenue guidance.
About William "Bill" Conway
Mr. Conway is a co-founder and current non-executive Co-Chairman
of the Board. Mr. Conway was elected to our Board of Directors
effective July 18, 2011. Previously,
Mr. Conway served as our Co-Chief Executive Officer and Chief
Investment Officer. Prior to forming Carlyle in 1987, Mr. Conway
was the Senior Vice President and Chief Financial Officer of MCI
Communications Corporation ("MCI"). Mr. Conway was a Vice President
and Treasurer of MCI from 1981 to 1984. Mr. Conway is Chairman of
the Board of Trustees of Johns Hopkins Medicine and a member of the
Board of Trustees of the Catholic University
of America. He previously served as chairman and/or director
of several public and private companies in which Carlyle had
significant investment interests. Mr. Conway received his BA from
Dartmouth College and his MBA in
finance from The University of Chicago
Booth School of Business.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep
industry expertise that deploys private capital across three
business segments: Global Private Equity, Global Credit and Global
Investment Solutions. With $376
billion of assets under management as of June 30, 2022,
Carlyle's purpose is to invest wisely and create value on behalf of
its investors, portfolio companies and the communities in which we
live and invest. Carlyle employs more than 1,900 people in 26
offices across five continents. Further information is available at
www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
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, estimates, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
regarding the performance of our business, our financial results,
our liquidity and capital resources, contingencies, our dividend
policy, and other statements that are not historical facts. 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 and
those described under the section entitled "Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on
February 10, 2022, 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.
Contacts
Media
Andrew Kenny, Global Corporate
Communications
+44 7816 176120
andrew.kenny@carlyle.com
Kekst CNC
Jeremy Fielding / Anntal Silver
Jeremy.fielding@kekstcnc.com / Anntal.silver@kekstcnc.com
Shareholders
Daniel Harris
+1 (212) 813-4527
daniel.harris@carlyle.com
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SOURCE The Carlyle Group