Glenn Youngkin, co-CEO of The Carlyle Group, will retire Sept. 30.
Co-CEO Kewsong Lee will take on the role of sole CEO, spokeswoman Brittany Berliner said Tuesday in an email. Mr. Youngkin has worked at Carlyle for 25 years and been co-CEO alongside Mr. Lee since 2018. Mr. Youngkin will help to transition his responsibilities until his retirement.
Mr. Youngkin will focus full-time on community and public service, sources said. On June 29, he launched the Virginia Ready Initiative, a non-profit devoted to retraining out-of-work Virginians and getting them ready for new employment. Mr. Youngkin is the organization's co-founder and chairman.
"It has been the professional journey of a lifetime and my honor to be part of building Carlyle into the global institution it is today, and to serve the last few years as co-CEO alongside an enormously talented partner like Kew," Mr. Youngkin said in the release.
David Rubenstein, Carlyle co-founder and co-executive chairman, said in the release that he recruited Glenn and has been "pleased to see him grow into an exceptional private equity professional."
"He did an outstanding job as co-CEO," Mr. Rubenstein said. "But I certainly understand the pull of the kind of public-service activities to which Glenn is committed."