Carlyle co-founders David Rubenstein and William Conway are to hand day-to-day running of the private equity company to a younger generation, becoming the first of the top-tier buyout groups to execute company succession.
The two 68-years-olds, who launched the Washington-based group with Daniel D’Aniello, 71, will relinquish co-chief executive roles to Carlyle veteran Glenn Youngkin, 50, and Kewsong Lee, 52, the deputy chief investment officer who joined from Warburg Pincus in 2013.
Although Mr Rubenstein and Mr Conway will become co-executive chairmen from January, Carlyle said the two new chief executives would have “full responsibility, authority and accountability for the firm’s performance”.
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