MONEY MANAGEMENT

Carlyle’s head of global market strategies to leave

Mitch Petrick is stepping down from his role as managing director responsible for Carlyle Group's global market strategies business to become a senior adviser to Carlyle, a spokesman confirmed.

Mr. Petrick plans to form his own firm. He joined Carlyle in 2010 and helped build the business. Kewsong Lee, Carlyle deputy chief investment officer for corporate private equity, is taking on Mr. Petrick's duties.

Also, Kenneth Hersh, who had been in charge of Carlyle's energy and natural resources group, will become deputy CIO for energy and natural resources. On May 13, Mr. Hersh was named president and CEO of the George W. Bush Presidential Center, Dallas. With that appointment, Mr. Hersh also became a member of the George W. Bush Foundation's board of directors. Mr. Hersh will remain chairman of NGP Energy Capital Management, an energy money management firm that he founded. Carlyle owns a stake in NGP.

Glenn Youngkin will now also head the energy and natural resources group while retaining his role as president and chief operating officer of Carlyle Group.

Mr. Youngkin was involved with the energy and natural resources group, a Carlyle source said.

“It is natural for Glenn to step into Ken's shoes as Ken steps back a little,” the person said.