Carlyle’s billionaire founders hand the reins to seasoned, in-house leaders
New York — Carlyle Group’s billionaire founders are handing their 30-year-old firm to new leaders, marking the first major transition among today’s giant private equity firms. David Rubenstein and Bill Conway will cede their roles as co-CEOs to Glenn Youngkin and Kewsong Lee on January 1, Washington-based Carlyle said on Wednesday. Rubenstein and Conway will be co-executive chairs, while Dan D’Aniello, the third founder, will become chairman emeritus and remain on Carlyle’s board. Conway, the firm’s chief investment officer, will now share that role with long-time buy-out executive, Pete Clare. Youngkin, Lee and Clare will join the board of directors. The sweeping changes at the top of one of the largest, most-storied private equity firms capture a transitional moment for the industry. CEOs of the biggest alternative-asset managers — Blackstone Group, Apollo Global Management and KKR, as well as Carlyle — are 66 to 74 years old and have become multi-billionaires with outside interes...
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