Harvey Schwartz Set To Take Reins As Carlyle's Chief Executive

• US private equity giant Carlyle Group Inc (NYSE: CG) names investment-banking veteran Harvey Schwartz its new chief executive, completing its search for a new leader after Kewsong Lee’s abrupt resignation in August last year.

• Carlyle appointed Mr. Schwartz, 58 years, on Monday, who most recently served as co-president of Goldman Sachs Group Inc (NYSE: GS). He left Goldman in 2018.

• Mr. Schwartz is to take the reins from Carlyle co-founder William Conway, who has been serving as interim CEO since August.

• Mr. Lee had clashed with Mr. Conway and the firm’s other co-founders, David Rubenstein and Daniel D’Aniello, all of whom are significant shareholders and remain on Carlyle’s board.

• Among their disagreements was the degree of the co-founders’ involvement with the firm and Mr. Lee’s desire for greater autonomy, Wall Street Journal reported.

• The report added that an outsider like Mr. Lee, Mr. Schwartz also faces a challenge in unifying the hidebound firm, some of whose insiders had also been vying for the CEO role.

• Price Action: CG shares closed at $37.40 on Friday.

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