Though the agency manages $369 billion in belongings, putting it solidly throughout the business’s prime tier, its workers and shoppers have been shaken by the suddenness of Mr. Lee’s departure final summer time and the lengthy hunt for a substitute.
“It’s not a simple state of affairs to parachute into,” stated Glenn Schorr, an analyst at Evercore ISI.
A former chief monetary officer of Goldman, Mr. Schwartz was not Carlyle’s first selection. Representatives of the non-public fairness agency had reached out to a minimum of half a dozen high-profile Wall Avenue executives, together with Gary Cohn, a former president of Goldman, and Mary Erdoes of JPMorgan Chase, who’s seen as a doable successor to Jamie Dimon, that financial institution’s chief govt, in line with individuals with direct information of these conversations.
It’s a painful second for Carlyle, a storied funding agency based by Messrs. Conway, Rubenstein and D’Aniello in Washington, D.C. One in all its greatest offers, the acquisition of the navy gear maker United Protection Industries in 1997, established it as a giant participant within the protection and aerospace industries. Critics additionally stated Carlyle benefited from its extensive ties with politicians, recruiting former President George H.W. Bush and the previous British prime minister John Main as consultants after they left workplace.
In 2017, Mr. Lee, who had joined Carlyle 4 years earlier, and Glenn Youngkin, a longtime govt for the agency, were named co-chief executives after Mr. Conway and Mr. Rubenstein stated they’d step down from their roles as co-chief executives. Starting in 2018, the 2 co-founders turned co-executive chairmen, and Mr. D’Aniello, Carlyle’s chairman on the time, turned chairman emeritus.
In September 2020, Mr. Youngkin stepped all the way down to run for governor of Virginia, leaving Mr. Lee as sole chief govt. However after barely two years within the function, he abruptly left Carlyle. When the agency introduced his departure — on a Sunday evening — it stated there was no successor in place.