Kewsong Lee and Glenn A. Youngkin were named co-CEOs of alternative money manager The Carlyle Group, effective Jan. 1, the company announced in a news release on Wednesday.
They will replace current co-CEOs David M. Rubenstein and William E. Conway Jr., who will take on the roles of co-executive chairmen of the board and continue to serve in Carlyle's executive group.
Daniel A. D'Aniello, current chairman, will become chairman emeritus and will remain on the board and the executive group.
Mr. Lee is currently deputy chief investment officer of Carlyle's corporate private equity segment, head of the global market strategies segment and member of the management committee, and Mr. Youngkin is currently president and chief operating officer and member of the executive group and management committee. Succession plans for their current positions were not provided.
Also as of Jan. 1, Peter J. Clare, managing director, deputy chief investment officer of the corporate private equity segment, co-head of the U.S. buyout group and member of the management committee, will take on the role of co-CIO alongside Mr. Conway, the current CIO. Succession plans for Mr. Clare's current position were not provided.
Messrs. Clare, Lee and Youngkin will also join Carlyle's board of directors in addition to their new positions.
Elizabeth Gill, spokeswoman, could not be immediately reached to provide further information.
