Harvey Schwartz Set To Take Reins As Carlyle's Chief Executive

  • US private equity giant Carlyle Group Inc CG names investment-banking veteran Harvey Schwartz its new chief executive, completing its search for a new leader after Kewsong Lee’s abrupt resignation in August last year.
  • Carlyle appointed Mr. Schwartz, 58 years, on Monday, who most recently served as co-president of Goldman Sachs Group Inc GS. He left Goldman in 2018.
  • Mr. Schwartz is to take the reins from Carlyle co-founder William Conway, who has been serving as interim CEO since August.
  • Mr. Lee had clashed with Mr. Conway and the firm’s other co-founders, David Rubenstein and Daniel D’Aniello, all of whom are significant shareholders and remain on Carlyle’s board. 
  • Among their disagreements was the degree of the co-founders’ involvement with the firm and Mr. Lee’s desire for greater autonomy, Wall Street Journal reported.
  • The report added that an outsider like Mr. Lee, Mr. Schwartz also faces a challenge in unifying the hidebound firm, some of whose insiders had also been vying for the CEO role.
  • Price Action: CG shares closed at $37.40 on Friday.
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