The Carlyle Group, the venerable private equity and alternative investment giant founded in 1987 in Washington D.C., announced that founders David Rubenstein and Bill Conway are stepping down as co-chief executive officers, effective January 1, 2018, and handing the leadership reins to Kewsong Lee and Glenn A. Youngkin, who will become the new Co-CEOs of The Carlyle Group.

As part of the leadership changes at the company:

• Peter J. Clare will become Co-Chief Investment Officer alongside current CIO William E. Conway, Jr.
• Carlyle’s current Chairman Daniel A. D’Aniello will become Chairman Emeritus and continue to serve on the Carlyle Board and Executive Group
• Current Co-CEOs David M. Rubenstein and William E. Conway, Jr. will become Co-Executive Chairmen of the Board and continue to serve on the Carlyle Executive Group
• Youngkin, Lee and Clare will join the Carlyle Board of Directors

Carlyle Co-Founders Conway, D’Aniello and Rubenstein said, “These promotions ensure continuity in our leadership and maintain the investment processes that have driven our success for 30 years. Kewsong and Glenn are proven leaders who have strong records of accomplishment at Carlyle. Glenn, a 23-year Carlyle veteran, is a business builder, exceptional communicator and culture carrier. Kewsong is a decisive leader and successful investor, as well as a strategic builder of businesses and creative problem solver.”

They continued: “Pete is one of the best investors in the private equity industry today. He leads our largest and most successful business, helped launch several thriving Carlyle strategies and has led many of our most successful investments.”

They concluded, “As Founders, we are passionate about Carlyle. We will continue to be actively engaged at Carlyle. We are fully committed to and confident in the firm’s future and will continue to be substantial investors in Carlyle funds for years to come.”

Youngkin and Lee will work together on all issues related to leading Carlyle and will have full responsibility, authority and accountability for the firm’s performance. They will each have areas of particular focus. Lee will focus on Carlyle’s Corporate Private Equity and Global Credit businesses, as well as corporate strategy and development, and capital markets. Youngkin will focus on Carlyle’s Real Estate, Energy and Infrastructure businesses, the Investment Solutions segment as well as investor relations and external affairs. They will both continue to serve on the investment committees in their respective areas of focus.

Carlyle Lead Independent Director Lawton Fitt said, “With the leadership of the Board of Directors, Carlyle conducted a thorough process to identify, assess and select our next generation of leaders. We are confident that Glenn, Kewsong and Pete are the right leaders to build upon Carlyle’s track record of innovation, investment success and leadership. With the firm in great shape, a strong portfolio, and a talented and stable group of leaders at the firm, now is the right time to announce the new leadership team.”

Youngkin said, “We are humbled to follow in the footsteps of such visionary leaders as David, Bill and Dan. Carlyle has tremendous momentum right now, with even greater opportunities to serve our investors.”

Lee said, “Carlyle is an iconic firm whose best years lie ahead. We are well-positioned to drive investment performance and build upon our decades of success.”

Clare said, “In partnership with Bill Conway, I look forward to leading and supporting the exceptional investment talent Carlyle has assembled.”