Carlyle hires ex-Goldman executive Harvey Schwartz as next CEO By Reuters


© Reuters. FILE PHOTO: The logo of the Carlyle Group is displayed at the company’s office in Tokyo, Japan October 17, 2018. REUTERS/Issei Kato

By Chibuike Oguh

(Reuters) -Carlyle Group has hired Harvey Schwartz, a former Goldman Sachs (NYSE:) executive, as its next chief executive officer, a person familiar with the matter told Reuters on Sunday.

Schwartz’s appointment, which is expected to be announced on Monday, brings to an end Carlyle’s search for a new CEO following the departure of Kewsong Lee in August last year.

A Carlyle spokesperson declined to comment, while Schwartz couldn’t be reached for comment.

Schwartz, 59, left Goldman in 2018 after a 20-year career at the investment bank where he served in several leadership roles including as its chief financial officer and global co-head of its trading division. He was in contention to succeed Lloyd Blankfein as Goldman CEO before losing out to David Solomon.

In 2021, he was named group chairperson of the Bank of London, a British clearing and transaction bank. He sits on the board of online lender SoFi Technologies Inc.

Washington, D.C.-based Carlyle is viewed as having underperformed rivals Blackstone (NYSE:) Inc, Apollo Global Management (NYSE:) Inc and KKR & Co (NYSE:) Inc in recent years, particularly in growth of assets under management and stock performance.

Carlyle, whose founders – David Rubenstein, William Conway and Daniel D’Aniello – control about 26% of the firm, had declined to renew Lee’s five-year contract after his turnaround efforts fell short of expectations. The founders also felt Lee didn’t adequately consult them on major decisions, sources have previously said.

Succession drama has plagued Carlyle since 2017 when Conway and Rubenstein first relinquished their roles as co-CEOs to their much younger protégées Lee and Glenn Youngkin.

Lee, who had joined Carlyle in 2013 after spending 21 years at Warburg Pincus, was named sole CEO of the firm in 2020 following the departure of Youngkin, who stepped down to launch a successful campaign to be the governor of Virginia. Youngkin had worked at Carlyle for 25 years.

Conway returned to his role as Carlyle CEO on an interim basis after Lee’s departure last year.

Carlyle, which has $369 billion in assets under management, is set to report its fourth-quarter earnings on Feb.7.


Source link


Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *