Carlyle co-CEO Glenn Youngkin steps down to focus on public service

Kewsong Lee takes full control of the private equity giant in the midst of the coronavirus pandemic

Carlyle Group co-CEO Glenn Youngkin is stepping down after less than three years at the helm, handing sole control of the private equity giant to Kewsong Lee in the midst of the coronavirus pandemic.

The duo’s ascent in early 2018 marked a bold experiment for the relatively young world of private equity: an attempt to pass full operational control from the firm’s pioneering founders — David Rubenstein, Bill Conway and Daniel D’Aniello — to a new team of leaders to continue its growth. Carlyle reported its biggest loss as a public company in the first quarter but has said it is prepared to handle a crisis with a wide range of outcomes.

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