Private-equity firm The Carlyle Group said on Tuesday that its co-CEO Glenn Youngkin will step down in September after 25 years with the firm.
Kewsong Lee, Young’s co-CEO, who has been with Carlyle since 2013, will take over as chief executive when Young departs later this year.
In a statement, Young said he’s interested in pursuing opportunities in public service “as the world continues to face so many challenges today.”
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Private-equity firm The Carlyle Group said on Tuesday that its co-CEO Glenn Youngkin has decided to step down in September after 25 years with the firm.
Kewsong Lee, who currently serves alongside Youngkin as co-CEO, will take over responsibilities as the solo chief executive of the firm, which has $217 billion in assets under management.
Youngkin and Lee were both tapped to take over as co-CEOs by Carlyle cofounders David Rubenstein and William Conway in 2018. Now, less than three years after his appointment, Youngkin will officially retire from the firm on September 30.
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“As the world continues to face so many challenges today, and as Carlyle is well-positioned, now is a natural point to focus my full-time efforts on community and public service efforts that I believe can make a meaningful impact,” Youngkin said in a statement.
“It has been the professional journey of a lifetime and my honor to be part of building Carlyle into the global institution it is today,” he added.
Prior to assuming his role as co-CEO alongside Lee, Youngkin was Carlyle’s president and COO from May 2015 to December 2017, and, before that, held various senior positions …read more
Source:: Business Insider