Former Goldman Sachs executive Harvey Schwartz has been appointed as the Carlyle Group's next CEO, a person with knowledge of the situation told Reuters on Sunday.
The hiring of Schwartz, which is anticipated to be revealed on Monday, ends Carlyle's hunt for a new CEO after Kewsong Lee left the company in August of last year.
Schwartz was unavailable for comment, and a spokeswoman for Carlyle declined to make any.
After a 20-year career at the investment bank, where he held a number of top positions, including chief financial officer and worldwide co-head of its trading division, Schwartz, 59, left Goldman in 2018. Before David Solomon won the job, he was a contender to succeed Lloyd Blankfein as CEO of Goldman.
He was appointed group head of the British clearing and transaction bank, the Bank of London, in 2021. He is a director of SoFi Technologies Inc., an online lender.
Based in Washington, D.C. In recent years, rivals Blackstone Inc., Apollo Global Management Inc., and KKR & Co. Inc. have reportedly outperformed Carlyle, notably in terms of the increase of assets under management and stock performance.
After Lee's turnaround attempts fell short of expectations, Carlyle, whose founders David Rubenstein, William Conway, and Daniel D'Aniello own around 26% of the company, declined to renew Lee's five-year contract. According to prior reports, the founders believed Lee did not fully engage them before making important choices.
Since 2017, when Conway and Rubenstein handed their co-CEO responsibilities over to their considerably younger protégés Lee and Glenn Youngkin, succession issues have plagued Carlyle.
After Youngkin left the company in 2020 to run a successful campaign for Virginia governor, Lee, who had joined Carlyle in 2013 after working for Warburg Pincus for 21 years, was appointed as the company's sole CEO. Youngkin had spent 25 years at Carlyle.
After Lee left his position as CEO of Carlyle last year, Conway took over the position on an interim basis.
On February 7, Carlyle, which oversees $369 billion in assets, is scheduled to release its fourth-quarter results.