The co-CEO of Carlyle is out after 25 years with the private-equity giant, and his next chapter might not be in the finance industry at all


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.

Read more: Blackstone CEO Stephen Schwarzman says too many companies pit execs against each other in succession battles — and tells us why he kept his next in line a secret for more than a year

“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.

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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

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