The Carlyle Group will be making changes to its executive staff in January, the firm announced Wednesday.
Effective January 1, the global alternative asset manager will be led by Kewsong Lee and Glenn A. Youngkin as its co-CEOs. Carlyle’s current co-CEOs, David M. Rubenstein and William E. Conway Jr., will serve as co-executive chairmen. Rubenstein and Conway will also continue to serve on Carlyle’s board and executive group. Lee will focus on Carlyle’s Corporate Private Equity and Global Credit businesses, as well as corporate strategy and development, and capital markets. Youngkin will focus on Carlyle’s Real Estate, Energy, and Infrastructure businesses,
Conway will also resume his co-CIO duties alongside new appointee Peter J. Clare. In addition, Carlyle’s current Chairman Daniel A. D’Aniello—who co-founded Carlyle with Conway and Rubenstein—will become chairman emeritus while still serving on the Carlyle board and executive group.
Lee, Youngkin, and Clare will also join Carlyle’s board of directors.
“These promotions ensure continuity in our leadership and maintain the investment processes that have driven our success for 30 years,” D’Aniello, Rubenstein, and Conway said in a joint statement. “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.”
As of June 30, 2017, Carlyle has $170 billion of assets under management.