Global investment firm The Carlyle Group Inc. (Carlyle) announced changes in its executive leadership team.
With Chief Executive Officer Kewsong Lee’s five-year employment agreement coming to a close at the end of 2022, both the Company’s Board of Directors and Lee mutually agreed as part of their discussions that the timing is right to initiate a search for a new CEO to lead Carlyle forward in its next phase of growth, the statement said.
Lee will step down today as CEO and a member of the Board of Directors, a statement said.
The Board has appointed William Conway, Co-Founder, current Non-Executive Co-Chairman of the Board, and former Co-CEO, to serve as Interim CEO.
Conway is a co-founder and current non-executive Co-Chairman of the Board. Conway was elected to the company’s Board of Directors effective July 18, 2011. Previously, Conway served as the Co-Chief Executive Officer and Chief Investment Officer.
Prior to forming Carlyle in 1987, Conway was the Senior Vice President and Chief Financial Officer of MCI Communications Corporation (MCI). Conway was a Vice President and Treasurer of MCI from 1981 to 1984. Conway is Chairman of the Board of Trustees of Johns Hopkins Medicine and a member of the Board of Trustees of the Catholic University of America. He previously served as chairman and/or director of several public and private companies in which Carlyle had significant investment interests.
Conway received his BA from Dartmouth College and his MBA in finance from The University of Chicago Booth School of Business.
Conway said, “The Board is grateful to Kewsong for everything he has done to position Carlyle for the future. As Carlyle undertakes this process to select a new leader, we do so from a position of strength, a testament to the performance of our talented team. Today, Carlyle is a more diversified, resilient firm with the resources to continue to invest in accelerating our growth trajectory. Looking ahead, our objective remains to execute on our vision of enhancing scale, speed, and performance in order to grow and deliver sustainable results, in any investment environment.”
Lee said, “I am grateful for my time at Carlyle and thankful for the opportunity to build the firm with an incredibly talented and committed team. I feel immense pride in our many accomplishments during these complex and challenging times, especially the firm’s record financial results, strong investment performance, and continued leadership on DEI and ESG initiatives. Diversified and durable, Carlyle is now well-positioned to capitalize on many exciting areas of attractive growth. I wish my colleagues at Carlyle well as they continue to set the highest standards for integrity and value creation in the asset management industry.”
Lawton Fitt, Carlyle’s Lead Independent Director, said, “On behalf of the entire Board, I would like to thank Kewsong for his contribution to the Company during his tenure. Carlyle has built on its enviable legacy while diversifying its asset base and earnings streams, driving scale, and identifying new opportunities to further drive performance. Going forward, the Company will benefit from a fresh perspective to build upon its strengths and capitalize fully on its long-term future growth opportunities, regardless of macroeconomic headwinds.
“As the search for a permanent CEO proceeds, we are very pleased that Bill will lead Carlyle through this transition, as the Company remains focused on continuing to enhance value for its public shareholders and limited partners,” Fitt concluded.
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