David M. Rubenstein, '73: To Step Aside from Daily Management of the Carlyle Group
The Carlyle Group changes leadership after three decades
The three co-founders of the Carlyle Group, who helped turn private equity from an idea hatched in a New York City hotel into a trillion-dollar finance industry, are stepping back from day-to-day management of the publicly traded firm and promoting the next generation.
Carlyle Chairman Daniel A. D’Aniello, 71, will become chairman emeritus, and co-chief executives David M. Rubenstein and William E. Conway Jr., both 68, will become co-executive chairmen of the board.
Kewsong Lee, 52, and Glenn A. Youngkin, 50, will replace Rubenstein and Conway as co-chief executives, and Peter J. Clare, 52, will become co-chief investment officer alongside Conway. All three will join the firm’s board of directors.
The phase-out represents a coming generational change in the private-equity industry as well as in Washington-based Carlyle itself. The firm, which began by buying and selling defense companies, is now an international player in finance.
It manages $170 billion in investments from pension funds, unions, wealthy people and countries across the planet.
Read more at The Washington Post