Carlyle Group's search for a new chief executive officer is expected to extend into the new year, dashing hopes among investors and insiders for a swift resolution to its leadership limbo.
The board has a list of candidates that includes credit head Mark Jenkins, 55, and private equity investment chief Pete Clare, 57, though it's debating whether the job should go to someone from the outside, according to people familiar with the deliberations. It was still interviewing external prospects at the end of last month.
Carlyle hasn't set a hard deadline and wants to get it right, one person said. The Washington-based firm declined to comment.
The stakes are high for the private equity giant, which is seeking to rebound from three leadership transitions and whose founders — David Rubenstein, Bill Conway and Daniel D'Aniello — are keen to play less prominent roles. Mr. Conway, 73, has been running the business since August, when the board lost confidence in then-CEO Kewsong Lee.
Top challenges for the next chief will include restoring Carlyle's image as a dominant force in the industry, unifying the firm's competing factions and persuading shareholders that it has a clear path to grow and find new sources of steady fees. The stock, meanwhile, has tumbled almost 50% this year, lagging behind rivals Blackstone, Apollo Global Management and KKR & Co.