Private Equity Giant Carlyle Group has announced that Co-CEO Glenn Youngkin will step down. This will leave the leadership of the company in the hands of colleague Co-CEO Kewsong Lee who will become sole Chief Executive Officer.
Glenn Youngkin’s retirement will take effect from September 30, meanwhile he will spend the rest of his time with the company helping with the transition.
The D.C private equity firm with business interest across the globe announced Youngkin and Lee as Co- CEOs in 2017 after former Co- CEOs and founders David Rubenstein and William Conway stepped aside from the leading the firm.
Youngkin has been with Carlyle for 25 years. He has served several positions including COO, President and Chief Investment officer.
“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, and to serve the last few years as co-CEO alongside an enormously talented partner like Kew,” Youngkin said.
“I recruited Glenn to Carlyle a quarter century ago, and have been pleased to see him grow into an exceptional private equity professional,” Rubenstein said in a statement. “He did an outstanding job as co-CEO, but I certainly understand the pull of the kind of public service activities to which Glenn is committed.”