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One of the world's largest private equity firms, D.C.-based Carlyle Group, is shaking up its executive leadership.
Co-founders David Rubenstein and William Conway Jr. will step aside from their current roles as co-CEOs to become co-chairmen of the board. The current board chairman, co-founder Daniel D'Aniello, will become chairman emeritus, the Washington Business Journal reports.
Carlyle President and Chief Operating Officer Glenn Youngkin and Deputy Chief Investment Officer Kewsong Lee will take over as co-CEOs. Youngkin and Lee will join Carlyle's board along with Peter Clare, who was named co-chief investment officer.
In January, Carlyle launched its eighth U.S. real estate fund with a $5B target. The fund is part of the firm's goal to raise $100B in the next four years. Carlyle currently has about $170B in assets under management, and it generated $2.27B in revenue in 2016.
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