- Push-out Score determined
- After less than three years in the position
- Praise, thanks and good wishes for Youngkin
- Dual Chief Executive Officer role eliminated
- Kew Lee becomes sole Chief Executive Officer
- Youngkin said 128 words
(exechange) — Washington, DC, July 21, 2020 — Glenn Youngkin, co-chief executive of Carlyle, leaves. As announced by Carlyle Group Inc. in a news release and in a regulatory filing published on Tuesday, July 21, 2020, Glenn A. Youngkin leaves his post as co-chief executive officer at the private equity firm after less than three years in the role, effective September 30, 2020.
Carlyle eliminates the dual Chief Executive Officer role. Kewsong (Kew) Lee will be sole Chief Executive Officer.
“Now is a natural point to focus my full-time efforts on community and public service efforts”
Glenn Youngkin’s departure from the Co-CEO post is explained as follows. Youngkin said: “As the world continues to face so many challenges today, and as Carlyle is well-positioned, now is a natural point to focus my full-time efforts on community and public service efforts that I believe can make a meaningful impact.”
Precise information regarding Glenn Youngkin’s future plans was not immediately available.
“Step down”
Carlyle said: “Glenn Youngkin has decided to step down as co-CEO of The Carlyle Group and the Board of Directors has appointed Kewsong Lee, who has served as co-CEO with Glenn, as the firm’s chief executive officer. Glenn will step down as co-CEO and retire from the firm on September 30, 2020 and will work with the rest of management to transition his responsibilities over his remaining tenure.”
Share price increase since January 2018
The announcement follows an increase in Carlyle Group Inc.’s share price of 21% since January 2018.
In the position of Co-CEO since 2018
Glenn Youngkin became Co-CEO of the Company in 2018.
Youngkin is a member of the Company’s Board of Directors.
Youngkin was elected to the Company’s Board of Directors effective January 1, 2018.
Youngkin currently serves as Co-Chief Executive Officer of Carlyle.
Youngkin also serves on Carlyle’s Executive Group.
Previously, Youngkin served as President and Chief Operating Officer from May 2015 to December 2017.
From June 2014 to May 2015, Youngkin served as Co-President and Co-Chief Operating Officer.
From March 2011 until June 2014, Youngkin served as Chief Operating Officer.
From October 2010 until March 2011, Youngkin served as Carlyle’s interim principal financial officer.
From 2005 to 2008, Youngkin was the Global Head of the Industrial Sector investment team.
From 2000 to 2005, Youngkin led Carlyle’s buyout activities in the United Kingdom and from 1995 to 2000, he was a member of the U.S. buyout team.
Prior to joining Carlyle in 1995, Youngkin was a management consultant with McKinsey & Company and he also previously worked in the investment banking group at CS First Boston.
Youngkin previously served on the Board of Directors of numerous Carlyle portfolio companies.
Youngkin serves on the boards of various non-profit organizations, including the Board of Governors of the National Cathedral School, the Dean’s Advisory Board at Harvard Business School, the Rice Management Company and the Vestry of Holy Trinity Church.
Youngkin is a member of the Council on Foreign Relations, the Business Council and the American Enterprise Institute’s National Council.
Youngkin received a BS in mechanical engineering and a BA in managerial studies from Rice University and an MBA from the Harvard Business School, where he was a Baker Scholar.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Carlyle and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 30.2020 ($).