Carlyle names new leadership team as founders step back

Under the new leadership structure, Lee will assume primary responsibility for Carlyle's corporate private equity and global credit businesses, as well as corporate strategy and development, and capital markets. Youngkin will concentrate on the firm's real estate, energy, and infrastructure operations, in addition to investor relations and external affairs.

The succession planning maneuvers, which take effect at the start of 2018, will also see Peter Clare – previously a member of the Asia buyout team – assume the role of co-CIO alongside Conway, who currently occupies the position. Lee, Youngkin and Clare will all join the firm's board of directors.

Conway is also co-CEO of Carlyle with Rubenstein and they will transition to co-executive chairmen of the board. Meanwhile, D'Aniello, currently the firm's chairman, will become chairman emeritus and retain his board seat. All three co-founders will remain members of the Carlyle executive group.

"These promotions ensure continuity in our leadership and maintain the investment processes that have driven our success for 30 years. Kewsong and Glenn are proven leaders who have strong records of accomplishment at Carlyle," the three co-founders said in a statement.

Lee joined Carlyle in 2013 following a 21-year career at Warburg Pincus. He is presently deputy CIO of Carlyle's corporate private equity segment, and led efforts to build a long-dated PE strategy and reshape the credit business. Youngkin has been with the firm for 23 years. Currently president and COO, he has previously served as interim CFO, global head of industrials, and head of UK buyouts.

Clare is deputy CIO of the corporate private equity segment and co-head of the US buyout group. He has been with Carlyle since 1992 and was based in Hong Kong from 1999 to 2001 as a founding member of the Asia buyout operation. After that, he initiated Carlyle's distressed debt investments, which led to the creation of Carlyle Strategic Partners.

The senior-level changes come three months after a similar set of announcements by KKR. Joe Bae, who previously spent 12 years building out the firm's Asian operation, was named co-president and co-COO alongside Scott Nuttall, as co-founders Henry Kravis and George Roberts handed over management of day-to-day operations. They continue to lead the firm as co-chairmen and co-CEOs.

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