Global investment firm The Carlyle Group (NASDAQ: CG) today announced that Glenn Youngkin has decided to step down as co-CEO of The Carlyle Group and the Board of Directors has appointed Kewsong Lee, who has served as co-CEO with Glenn, as the firm’s chief executive officer.

Glenn will step down as co-CEO and retire from the firm on September 30, 2020 and will work with the rest of management to transition his responsibilities over his remaining tenure.

Kewsong Lee has been co-CEO alongside Glenn since 2018. Before that, he served as Deputy Chief Investment Officer for the firm’s Corporate Private Equity segment and Head of the Global Credit segment.

Glenn Youngkin said, “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. The Carlyle team has built great momentum, has a strong culture of collaboration, and has created long-term value for companies, communities and shareholders. I also want to thank Carlyle’s visionary founders for their guidance and trust. I remain humbled to have been able to lead Carlyle with Kew.”

Mr. Youngkin continued, “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.”

Kewsong Lee said, "I am very thankful to Glenn for his 25 years of service to Carlyle and especially grateful for his friendship and partnership as co-CEO. Over the past few years, Carlyle has reached many key milestones around our most important priorities and our focus will continue to be on delivering for our investors and emphasizing shareholder friendly actions. Glenn has helped to lead in these areas, and having worked closely with him, I know he will have a tremendous impact on the issues he chooses to make the focus of his talents and energy in his next chapter.”

Carlyle Co-Founder and Co-Executive Chairman David Rubenstein said, “I recruited Glenn to Carlyle a quarter century ago, and have been pleased to see him grow into an exceptional private equity professional. 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. We are fortunate that Kew is extremely well positioned to serve as our CEO, and I look forward to continuing to work closely with him on behalf of all of Carlyle’s stakeholders.”

Carlyle Co-Founder and Co-Executive Chairman Bill Conway said, “Glenn has played a critical role over the last 25 years in building Carlyle into the world-class investment firm it is today. I am sincerely grateful for his outstanding leadership over the years as a culture carrier and wish him and his family continued success in this next phase of life. The Board is confident that Kew will build on the current momentum that has been achieved and we are excited to watch him lead and support the exceptional global team Carlyle has assembled.”

Carlyle Lead Independent Director Lawton Fitt said, “All of us at Carlyle appreciate the instrumental leadership role Glenn has played in the firm’s evolution, and we wish him every success in his new endeavors. Carlyle is in great shape today and under Kew’s leadership the Board is confident the firm is in a strong position to create long-term value for all stakeholders in 2020 and beyond.”

About the Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $217 billion of assets under management as of March 31, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 32 offices across six continents.