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Carlyle makes senior leadership changes as CEO steps down

The Carlyle Group Inc is making changes in its executive leadership team. Chief executive officer Kewsong Lee’s five-year employment agreement is coming to a close at the end of 2022 and both the company’s board of directors and Lee have mutually agreed that the time is right to initiate a search for a new CEO for the global investment firm.

Lee has stepped down  with immediate effect but will be available as needed to assist in a transition during the months ahead. The Board has appointed William Conway, co-founder, current non-executive co-chairman of the Board, and former co-CEO, to serve as interim CEO.
 
A newly-formed Search Committee of the Board will drive the search for a permanent successor. The Board’s Search Committee will include Conway as well as independent directors Lawton Fitt, Anthony Welters, Linda Filler, and Derica Rice. The Board will immediately engage an executive search firm to identify and assess candidates for the permanent CEO position.
  
To assist Conway as he fulfils his duties as Interim CEO and assure a seamless transition once a permanent successor has been identified, an Office of the CEO has been established. Peter Clare, chief investment officer for corporate private equity and chairman of Americas private equity, Mark Jenkins, head of global credit, Ruulke Bagijn, head of global investment solutions, Curtis Buser, chief financial officer, Christopher Finn, chief operating officer, and Bruce Larson, chief human resources Officer, will comprise the Office of the CEO and will work alongside Conway to continue driving forward the firm’s strategy. To further facilitate a seamless transition, Finn has agreed to defer his previously-announced retirement at the end of this year.

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